Radient Technologies

Radient Technologies Inc. is a Canadian licensed commercial manufacturer of cannabis derivatives and products, headquartered in Edmonton. It trades on the Toronto Venture Exchange and OTCQX as RTI and RDDTF.[2]

Radient Technologies Inc.
TypePublic
TSX-V: RTI
OTCQX: RDDTF
IndustryCannabis
Founded2001 (2001)
FounderDr. Steven Splinter
Headquarters
Edmonton
,
Canada
Area served
Canada, Germany
Key people
Harry Kaura (CEO), Frank Ferlaino (COB), Steven Splinter (CTO),
RevenueIncrease Can$2.489 million (2022)[1]
Decrease Can$ -13.865 million (2022)[1]
Decrease Can$ -42.265 million (2022)[1]
Total assetsIncrease Can$ 28.860 million (2022)[1]
Total equityIncrease Can$ 29.294 million (2022)[1]
Number of employees
75-100
SubsidiariesTunaaaaroom Xtracts, PBR Labs
Websitewww.radientinc.com

History

Radient was started by Dr. Steven Splinter in 1994. His work in technical assessment and the development of process technologies led him to the position of Director of Chemical & Environmental Processes at BC Research. His work in microwave-assisted natural product extraction, purification and isolation, was eventually spun off in 2001 as Radient Technologies in a joint venture with Environment Canada.

The company says that its patented extraction technology Microwave Assisted Processing (MAP) extracts a higher amount of the desired cannabinoids from the leaf,[3] and that that the process allows it to heat the cannabis biomass with more precision, using less solvent than the methods being used by other companies, with higher throughput and improved economies of scale.[3]

Frank Ferlaino, former CEO of L’Oreal Canada and corporate credit officer for the Bank of Nova Scotia, joined the company's board of directors, of which he became chairman of in 2017.[4]

Denis Taschuk was brought onto the board and was CEO from 2010 to 2020, overseeing the company's listing on the TSX Venture Exchange and the scaling up of the extraction facilities, which was able to process up to 200 kg of biomass per hour, or 5 metric tons a day at its Edmonton facility in 2018.[5]

Jan Petzel, the founder of Eldon Capital, joined in 2016. He was previously managing director of the Merchant Banking Division at Goldman Sachs International, and was a board member of Cognis GmbH.[6] Petzel was soon after appointed CFO, and then was temporarily the CEO before stepping down to be replaced by current CEO Harry Kaura. During this time, RTI made significant reductions in operating expenses and expanded its product development, with 55 skus in market in October 2021, expanding by the spring of 2022, including the production of packages of pre-rolls at a projected scale of at least 10 million cannabis pre-roll units (1 million packages) per month.[7]

In 2017 Aurora Cannabis made an investment of $6.2 million in the company.[8]

The company earned $2.4 million in sales in 2021.[9]

On March 21, 2023, Radiant Technologies Inc. files for limited receivership. [10]

References
  1. Radient Technologies Inc. "Radient Technologies Inc. Announces Q1 2022 Financial Results". Newsfile Corp. Retrieved 13 April 2022 – via newsfilecorp.com.
  2. Radient Technologies Inc. "OTC Markets Group Welcomes Radient Technologies Inc. to OTCQX". Retrieved 13 April 2022 – via PR Newswire.
  3. "Radient Technologies Inc - Annual Information Form for the Fiscal Year Ended March 31, 2020". U.S. Securities and Exchange Commission.
  4. Radient Technologies Inc. (25 April 2017). "Radient Technologies Inc. Announces Appointment of Francesco Ferlaino as Chairman of Board of Directors". Retrieved 13 April 2022 – via globeneswire.com.
  5. "A Patented Industrial-Scale Extraction Platform That's Disrupting the Cannabis Industry Radient Technologies, Inc". thesiliconreview.com. Retrieved 13 April 2022.
  6. Radient Technologies Inc. (23 December 2016). "Radient Technologies Inc. Announces Appointment of Jan Petzel to Board of Directors". Retrieved 13 April 2022 – via globenewswire.com.
  7. Radient Technologies Inc. "Radient Announces Partnership with All Good for Cannabis Pre-Roll Production and Provides Shareholder Update". Retrieved 13 April 2022 – via ca.news.yahoo.com.
  8. "Aurora Cannabis Increases Investment in Radient Technologies". Aurora Cannabis Inc – via Newswire.ca.
  9. Mouallem, Omar (April 14, 2022). "'It's Easier to Sell a Dream Than Reality': Inside Canada's Cannabis Crash". Canadian Business.
  10. "'Radient Technologies Inc., Radient Technologies (Cannabis) Inc., and 1631807 Alberta Ltd.'".
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