Exclusive Collaboration to Apply Breakthrough
Extraction Technologies to Cannabis
TSXV: ACB
VANCOUVER, Dec. 14, 2016 /CNW/ - Aurora Cannabis Inc.
(the "Company" or "Aurora") (TSXV: ACB) (OTCQB: ACBFF)
(Frankfurt: 21P; WKN: A1C4WM) and
Radient Technologies Inc. ("Radient") (TSXV: RTI) are pleased to
announce that they have signed a memorandum of understanding
("MOU") to evaluate an exclusive partnership for the Canadian
market with regard to the joint development and commercialization
of superior and standardized cannabinoid extracts. As part of the
MOU, Aurora will, subject to certain conditions precedent being
satisfied, invest up to $2 million
into Radient by means of a convertible debenture (the
"Debenture").
Radient currently operates from a 20,000 square foot, GMP
compliant, Natural Health Products Directorate (NHPD) licensed
facility in Edmonton, Alberta,
extracting natural ingredients for a range of industries including
food and beverage, nutrition, supplements, pharmaceuticals, and
cosmetics. Radient operates under strict quality controls and owns
patented extraction technologies, originally developed by
scientists at Environment Canada. These proprietary technologies
have proven capable of producing high-quality standardized extracts
with faster throughputs, improved yields, higher purities, and
lower costs when compared to conventional extraction
methods.
"Radient's technology promises a significant advance in both
quality and efficiency of cannabis extract production," said
Terry Booth, CEO. "This is
especially important considering global market dynamics, which
point to strong demand for cannabis derivative products.
Importantly, Radient's extraction technology has also been proven
to deliver superior preservation of aromatic compounds known as
terpenes, which are key to the cannabis consumer experience and the
Aurora Standard."
Denis Taschuk, President and CEO
of Radient, stated, "We are very excited by this potential
partnership with Aurora, given their leadership position in the
medical cannabis space and the exceptional quality of their
products. The combination of Aurora's recently announced capacity
expansion with our proprietary high-throughput extraction
technology has the potential to play an important role in meeting
the fast-growing demand for quality cannabinoid extracts."
Aurora, one of the largest licensed producers of medical
cannabis under Health Canada's Access to Cannabis for Medical
Purposes Regulations (ACMPR), recently began construction on an
unprecedented 800,000 square foot production facility in Leduc
County, Alberta. This facility, known as "Aurora Sky", is
anticipated to be capable of producing in excess of 100,000 kg of
high-quality, low-cost marijuana per year.
Under the terms of the MOU, Aurora will fund the collaboration
through the Debenture. The Debenture will have a term of 2 years,
bear interest at 10% per annum and will be convertible into units
(each, a "Unit") of Radient at a conversion price of $0.14 per Unit. Each Unit will be comprised of
one common share of Radient and one share warrant, exercisable
within 24 months, for one common share of Radient at an exercise
price of $0.33 per warrant. The
issuance of the Debenture is subject to all necessary regulatory
approvals, including the approval of the TSX Venture Exchange.
About Radient
Radient extracts natural compounds from a range of biological
materials using it proprietary "MAPTM" natural product extraction
technology platform which provides superior customer outcomes in
terms of ingredient purity, yield, and cost. From its initial
20,000 square foot manufacturing plant in Edmonton, Alberta, Radient serves market
leaders in industries that include pharmaceutical, food, beverage,
natural health, personal care and biofuel markets. Radient trades
on the TSX Venture Exchange under the symbol "RTI". Visit
www.radientinc.com for more information.
About Aurora
Aurora's wholly-owned subsidiary, Aurora Cannabis Enterprises
Inc., is a licensed producer of medical cannabis pursuant to Health
Canada's Access to Cannabis for Medical Purposes Regulations
(ACMPR) and operates a 55,200 square foot, expandable,
state-of-the-art production facility in Mountain View County,
Alberta, Canada. Aurora trades on
the TSX Venture Exchange under the symbol "ACB".
On behalf of the
Board of Directors,
AURORA CANNABIS
INC.
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On behalf of the
Board of Directors
RADIENT TECHNOLOGIES
INC.
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Terry
Booth
CEO
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Denis Taschuk
President and
CEO
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This news release contains certain "forward-looking
statements" within the meaning of such statements under applicable
securities law. Forward-looking statements are frequently
characterized by words such as "plan", "continue", "expect",
"project", "intend", "believe", "anticipate", "estimate", "may",
"will", "potential", "proposed" and other similar words, or
statements that certain events or conditions "may" or "will" occur.
These statements are only predictions. Various assumptions were
used in drawing the conclusions or making the projections contained
in the forward-looking statements throughout this news release.
Forward-looking statements are based on the opinions and estimates
of management at the date the statements are made, and are subject
to a variety of risks and uncertainties and other factors that
could cause actual events or results to differ materially from
those projected in the forward-looking statements. The Company is
under no obligation, and expressly disclaims any intention or
obligation, to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as expressly required by applicable law.
The TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE Aurora Cannabis Inc.