Radient Posts $5.5M Net Loss, Continues To Restructure Operations
The Edmonton, Alberta-based producer of cannabinoid-based formulations and products, noted that revenues represented considerably reduced operations. The company has shut down manufacturing activities at the plant and cut the workforce due to the current health crisis's consequences.
As of June 2020, the plant's operations are resumed to deliver a shipment of orders to Shoppers.
Radient partnered with Medical Cannabis by Shoppers in February to supply the Shoppers Drug Mart's online medical cannabis platform with a new variety of cannabinoid formulations.
The first fiscal quarter presented numerous challenges as operations at manufacturing and lab facilities were reduced due to the uncertainty around COVID-19, the company noted.
Here are the highlights from the first-quarter earnings and operational report:
- The company posted a net loss of roughly $5.5 million for the quarter, compared to a net loss of around $6.35 million in the same period last year.
- Securing $5.75 million in financing through a fully subscribed equity offering, and raising an additional $700,000 via its At-The-Market offering
- Receipt of a sales license amendment in late June and development of white-labeled products for Cannabis 2.0 rollout
- Inking of white label supply deals with Premium 5 and Fluum
- Finalization of the first shipment of Cannabis 2.0 products – including the Live Resin and Live ResinX vape cartridge – in British Columbia, as a part of the collaboration with Premium 5
Meantime, the company recently reported its financial results for the last fiscal year, revealing its revenue increased from $214,060 in fiscal 2019 to $18.4 million in 2020.
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