Aurora Cannabis Announces Canadian Processing License For Extraction Partner Radient Technologies
Canadian cannabis producer Aurora Cannabis Inc (NYSE:ACB) announced Monday that Health Canada has granted its extraction technology partner Radient Technologies Inc (OTC:RDDTF) a standard processing license.
Radient identified a process to extract cannabis and hemp at large-scale volumes without risking the quality of the plant, according to Aurora. The technology, Microwave Assisted Processing, uses microwaves as an energy source to localize the heating of moisture found in natural materials.
A CBD Strategy
Aurora said it became aware of Radient's technology and its potential to disrupt the market in 2016.
After aligning with Radient, Aurora expanded its efforts with a majority acquisition of Hempco Food and Fiber, as well as Europe's largest organic hemp product producer, AgroPro. Aurora said its strategy is intended to allow the company to mass-produce CBD extracted oils for the development of high-margin products for the wellness market.
Radient Technologies CEO Denis Taschuk spoke of the importance of having Aurora as a partner in Tuesday's announcement.
"Our partnership with Aurora has been instrumental these past two years toward achieving this milestone," the CEO said. "We look forward to executing on our partnership with Aurora on a global scale."
Radient now plans to scale its operations to include two additional facilities in Edmonton, Taschuk said.
Cleiren Joins Radient Board
Aurora also announced Monday that Aurora COO Allan Cleiren was appointed to Radient's board. In the same announcement, Cleiren is credited with assisting Radient in obtaining its standard processor license.
In addition to working with Radient, Cleiren sits on the board of Hempco as he plays a pivotal role in integrating Agropro's operations with Aurora's CBD endeavors.
Radient's over-the-counter shares were trading up 34.63 percent to 85 cents at the time of publication Monday, while Aurora shares were up 10.81 percent at $8.20.
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.