Radient Announces FY2022 Financial Results

Edmonton, Alberta–(Newsfile Corp. – September 30, 2022) – Radient Technologies Inc. (TSXV:RTI) (“Radient” or the “Company”), a commercial manufacturer of diverse, novel and high-quality cannabis extracts and packaged products, reports its audited financial results for the fiscal year ended March 31, 2022.

Key Highlights:

  • Acquired Tunaaaroom Xtracts Inc. (“TRX”) for the development and sale of premium cannabis products now sold through provincially licensed retailers;

  • Partnered with All Good Collective Corp. to create unique cigarette-style cannabis pre-roll products that are now sold through provincially licensed retailers;

  • Received from Health Canada an amendment to the Company’s standard processing license for the sale of dried and fresh cannabis and a license for sale for medicinal purposes, allowing the Company to offer a full line of cannabis products;

  • Over $1 million in hydrocarbon and pre-roll products have been shipped to customers since the Company’s June 27, 2022 announcement of commercial hydrocarbon production and pre-roll sales growth. The company currently has approximately $2 million in product orders;

  • Revenue for the fiscal year ended March 31, 2022 was $3,621,781 compared to $2,489,383 for the prior year;

  • Gross profit for the year ended March 31, 2022 was $188,375 compared to a loss of $495,611 for the prior year;

  • Operating expenses were reduced to $9,075,414 for the fiscal year ended March 31, 2022 compared to $14,743,280 for the prior year;

  • The Company has received a letter of formal notice from its secured lender for approximately $10.5 million plus accrued costs and interest;

  • The Company will seek ways to raise sufficient working capital to allow the Company to continue in business, but cannot guarantee this.

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Management Comment

Radient continues to execute on its restructuring plan by focusing on the Company’s hydrocarbon concentrate and cannabis pre-roll product lines.

The TRX acquisition has enabled the Company to produce what we believe to be the highest quality Cannabis 2.0 products available in Canada, including distillates and isolates of products such as THCa Crystalline, Delta 8 THC, CBG, CBN and hydrocarbon products such as High Cannabinoid Full Spectrum Extracts (HCFSE), High Terpene Full Spectrum Extracts (HTFSE), Crumble, Shatter, Live Resin, Budder, Terp Diamonds and more. These premium hydrocarbon products are sold through provincially licensed retailers in seven Canadian provinces and territories.

Sales of hydrocarbon concentrates and cannabis pre-roll products continue to improve and the Company is receiving orders from repeat customers and positive product reviews. In the period following the Company’s June 27, 2022 announcement of commercial production of hydrocarbons and growth in pre-roll sales, the Company has delivered over $1 million in hydrocarbon products and pre-roll products to its customers delivered and received product orders for approximately $2 million.

The company expects to continue selling these products, but requires sufficient working capital to allow for product order fulfillment and growth. The Company will pursue avenues to raise sufficient working capital to allow the Company to continue in business, but cannot guarantee this.

credit facility demand

As previously announced, on August 26, 2022, Moskowitz Capital Mortgage Fund II Inc. issued the Company with a demand for payment of approximately $10.5 million, plus accrued expenses and additional interest up to the payment date, pursuant to the terms of a Secured Loan Schedule (the ” Investment”) guaranteed by the Company. The Facility is secured by a first mortgage on the land and buildings at 4035, 4029 and 4025 101 NW St., Edmonton, Alberta and all of the Company’s present and consequent personal property. Additional information about the facility is available in Radient’s news release dated April 4, 2022, which is available under the Company’s SEDAR profile at www.sedar.com.

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Complete details of the Company’s financial and operating results for the year ended March 31, 2022 are available on the Company’s profile at www.sedar.com.

About radians

Radient Technologies is a commercial manufacturer of diverse, novel and high quality cannabis extracts and packaged products. Radient develops specialty products and ingredients that contain a broad spectrum of cannabinoid and terpene profiles while meeting the highest standards of quality and safety. Radient is focused on innovation with expertise in formulations and technologies that offer unique solutions in the cannabis and wellness space. RadientInc.com

Contact information:
Harry Kaura, CEO and Director
[email protected]
Phone: 780 465 1318

Forward-Looking Information:

This press release contains “forward-looking information” within the meaning of applicable Canadian securities laws. Forward-looking information includes, but is not limited to, statements regarding the growth of the Company’s operations and cannabis product offerings, the Company’s ability to expand the Company’s assembly and packaging facility and raise sufficient working capital to enable the Company to fulfill its outstanding orders and operate as a going concern . Generally, forward-looking information is identified by the use of forward-looking words such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “planned”, “estimates”, “projects”, “intends”, “anticipate” or “do not anticipate” or “believe” or variations of such words and phrases or state that certain actions, events or results “may”, “might”, “would”, “might” or “will be taken”, ” occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that could cause Radient’s actual results, level of activity, performance or achievements, as the case may be, to differ materially from those expressed or implied in the forward-looking information, including , but not limited to: general business, economic, competitive, geopolitical and social uncertainties; risks associated with operating in the cannabis sector; and other risks inherent in the cannabis industry. Although Radient has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended . There can be no assurance that this information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Radient undertakes no obligation to update any forward-looking information except in accordance with applicable securities laws.

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/139163