KELOWNA, British Columbia and EDMONTON, Alberta, March 18, 2020 (GLOBE NEWSWIRE) -- Allied Corp. ("Allied" or the "Company") (OTCQB: ALID), an international medical cannabis company focused on creating and providing targeted cannabinoid health solutions to address today’s medical issues, and Radient Technologies Inc. (“Radient”) (TSX Venture: RTI; OTCQX: RDDTF), a global commercial manufacturer of high quality cannabinoid-based ingredients, formulations and products, are pleased to announce they have signed a definitive agreement (the “Agreement”) as part of a three way agreement with the Dhaliwal Group (“Dhaliwal”) to manage the supply chain, manufacturing and sale of high quality CBD distillate and isolate.
Under the terms of the Agreement, Allied will facilitate the supply and purchase of high quality CBD distillate and isolate between licensed cultivators and licensed buyers. Industrial hemp biomass will be converted by Radient, for a processing fee, into finished premium quality CBD consumer products, and sold into the Canadian market through a purchasing arrangement made by Dhaliwal. Allied will be responsible for full supply chain management, which involves product moving from legal licensed Canadian industrial hemp farmers, to bonded transport, to Radient’s Edmonton I processing facility, through to legally licensed buyers who hold a license to buy and sell Cannabis products in Canada.
The Agreement is for an initial 12-month term with an annual option to renew. The three parties expect 7,500 kg of biomass to be processed during the first three months of the Agreement, with the amount increasing thereafter. Under the terms of the Agreement, Radient may also elect to be paid a portion of its processing fees in biomass rather than cash.
“This is a significant milestone achievement for Allied’s 5th vertical – facilitation of the Canadian and European cannabis product supply chain. Retailers are currently facing a challenging environment in receiving quality product. Our executive team, based on our knowledge and experience, is beginning to become a trusted partner in facilitating quality product and we expect many more deals like this to follow”, said Calum Hughes, CEO of Allied. “This continues to enable Allied to develop a large reaching sales and distribution network while our Colombian production continues get closer to commercial harvest.”
“Radient is very pleased to enter into this Agreement with Allied and the Dhaliwal Group”, said Radient President & CEO Denis Taschuk. “This Agreement will allow us to create the high quality products that our proprietary continuous-flow extraction and processing technology was intended for. The strength of our manufacturing platform, coupled with Allied’s trusted reputation as a responsible and reliable sales partner, enables us to bring premium products to more Canadian consumers, and we look forward to working with both Allied and the Dhaliwal Group.”
“This is an exciting milestone for our company, highlighting our efforts to not only secure a foothold in the industry, but also to have a positive impact in the global cannabis industry” said Sukh Dhaliwal, CEO of the Dhaliwal Group. “We are on track for growth and are focused on our strategic corporate plans as we continue to expand globally.”
About Allied Corp.
Allied Corp. is an international medical cannabis production company with a mission to address today’s medical issues by researching, creating and producing targeted cannabinoid health solutions. Allied Corp. uses an evidence-informed scientific approach to make this mission possible, through cutting-edge pharmaceutical research and development, innovative plant-based production and unique development of therapeutic products.
For more information on Allied Corp., visit www.allied.health
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Radient Technologies is a commercial manufacturer of high quality cannabinoid based formulations, ingredients and products. Utilizing a proprietary continuous-flow extraction and processing platform that recovers up to 99% of cannabinoids from the cannabis plant, Radient develops specialty products and ingredients that contain a broad range of cannabinoid and terpene profiles while meeting the highest standards of quality and safety. Please visit www.radientinc.com for more information.
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Caitlin Cheadle, Director of Communications:
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Adam Deffett, Senior VP of Corporate Development:
About the Dhaliwal Group
The Dhaliwal Group’s mission is to be the premier global cannabis oil provider through a strong commitment to people, product quality and innovation. Via strategic alliance’s with Canadian Health Canada licensed hemp farmers, and some of Canada’s top tier Health Canada licensed Cannabis and Extraction companies, Dhaliwal will bring Canadian and European end buyers to purchase high CBD products from this three way agreement.
SOURCE: Allied Corp. and Radient Technologies Inc.
This press release contains “forward-looking information” within the meaning of applicable securities laws in Canada or “forward-looking statements” made pursuant to the “safe harbour” provisions of the United States Private Securities Litigation Reform Act of 1995 (collectively, “forward-looking information”). Forward-looking information may relate to the Company’s future outlook and anticipated events, plans or results, and may include information regarding the Company’s objectives, goals, strategies, future revenue or performance and capital expenditures, and other information that is not historical information. Forward-looking information can often be identified by the use of terminology such as “believe,” “anticipate,” “plan,” “expect,” “pending,” “in process,” “intend,” “estimate,” “project,” “may,” “will,” “should,” “would,” “could,” “can,” the negatives thereof, variations thereon and similar expressions. The forward-looking information contained in this press release is based on the Company’s opinions, estimates and assumptions in light of management’s experience and perception of historical trends, current conditions and expected future developments, as well as other factors that management currently believes are appropriate and reasonable in the circumstances.
There can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. Risk factors that could cause actual results to differ materially from forward-looking information in this release including the Company’s exposure to legal and regulatory risk; that the medical benefits, viability, safety, efficacy, dosing and social acceptance of cannabis are not as currently expected; that adverse changes or developments affecting the Company’s main or planned facilities may have an adverse effect on the Company; that the medical cannabis industry and market may not continue to exist or develop as anticipated or the Company may not be able to succeed in this market; risks related to market competition; that the Company has a limited operating history and a history of net losses and that it may not achieve or maintain profitability in the future; risks related to the Company’s current or proposed international operations; risks related to future third party strategic alliances or the expansion of currently existing relationships with third parties; that the Company may not be able to successfully identify and execute future acquisitions or dispositions or successfully manage the impacts of such transactions on its operations; risks inherent to the operation of an agricultural business; that the Company may be unable to attract, develop and retain key personnel; risks resulting from significant interruptions to the Company’s access to certain key inputs such as raw materials, electricity, water and other utilities; that the Company may be unable to transport its cannabis products to patients in a safe and efficient manner; risks related to recalls of the Company’s cannabis products or product liability or regulatory claims or actions involving the Company’s cannabis products; risks related to the Company’s reliance on pharmaceutical distributors; that the Company, or the cannabis industry more generally, may receive unfavourable publicity or become subject to negative consumer or investor perception; that certain events or developments in the cannabis industry more generally may impact the Company’s reputation or its relationships with customers or suppliers; that the Company may not be able to obtain adequate insurance coverage in respect of the risks that it faces, that the premiums for such insurance may not continue to be commercially justifiable or that there may be coverage limitations and other exclusions which may result in such insurance not being sufficient; that the Company may become subject to liability arising from fraudulent or illegal activity by its employees, contractors, consultants and others; that the Company may experience breaches of security at its facilities or losses as a result of the theft of its products; risks related to the Company’s information technology systems; that the Company may be unable to sustain its revenue growth and development; that the Company may be unable to expand its operations quickly enough to meet demand or manage its operations beyond their current scale; that the Company may be unable to secure adequate or reliable sources of necessary funding; risks related to, or associated with, the Company’s exposure to reporting requirements; risks related to conflicts of interest; risks related to fluctuations in foreign currency exchange rates; risks related to the Company’s potential exposure to greater-than-anticipated tax liabilities; risks related to the protection and enforcement of the Company’s intellectual property rights, or the intellectual property that it licenses from others; that the Company may become subject to allegations that it or its licensors are in violation of the intellectual property rights of third parties; that the Company may not realize the full benefit of the clinical trials or studies that it participates in; that the Company may not realize the full benefit of its licenses if the licensed material has less market appeal than expected and the licenses may not be profitable; as well as any other risks that may be further described in and the risk factors discussed in the Company's continuous disclosure including its Management's Discussion and Analysis sections in its Quarterly Reports on Form 10-Q, Annual Reports on Form 10-K and Current Reports on Form 8-K filed under the Company's profile at www.sec.gov.
Although management has attempted to identify important risk factors that could cause actual results to differ materially from those contained in the forward-looking information in this presentation, there may be other risk factors not presently known to the Company or that the Company presently believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information in this presentation. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers and viewers should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this release represents the Company’s expectations as of the date of this release or the date indicated, regardless of the time of delivery of the presentation. The Company disclaims any intention, obligation or undertaking to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required under applicable securities laws.
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