Shoppers Drug Mart Inc’s subsidiary – Medical Cannabis by Shoppers now offers Radient Technologies Inc (OTCMKTS:RDDTF)’s bioU branded products.
Radient designed better quality bioU products that provide consistency and broad-spectrum oil formulations for medical use. The company developed this brand, especially for Medical Cannabis by Shoppers.
USpray line of extracts
It is the first product in bioU branded product line. The product is available in a precise dosage and an easy to use oral spray format. Radient offers balanced formulation, which comprises a 1:1 ratio of CBD and THC, and cannabidiol dominate, which consists of THC and CBD in a 1:20 ratio. The company expects to introduce a THC dominant product that comprises THC and CBD in the ratio of 1:30 soon.
Receives the nod of TSXV
Radient received TSXV (TSX Venture Exchange) approval for debt accords with all a share deal with various creditors. As per the terms of the deal, the company issued 6.716 million shares to settle $1.108 million owed to the creditors. Radient also provided additional 382,691 shares to third party creditors for settling the amounts of $63,144. Certain directors and officers of the company also received 841,585 shares in exchange for settling the amount of $138,861.
Closes public equity financing
Radient mobilized funds of $5.75 million through the issue of 28.75 million units each at $0.20. Each unit comprises one purchase warrant apart from one share. The company will not list the warrants on TSX Venture Exchange for trading. Radient employed an agent – Eight Capital to complete the offering and paid 7% of the total proceeds. The company will use the funds for general corporate purposes and working capital.
Files patent for CBD based formulations
Radient applied for a patent for cannabidiol derived formulation for protection from viruses. The patent will cover the blend of terpenes, cannabinoids, and zinc to prevent the spread of coronavirus and reduce its symptoms. Its main target is to reduce the need for ICU and hospitalizations for patients infected with the coronavirus. To develop innovative antiviral products, the company inked a collaborative accord with ipCapital Group and IntuitiveX, which are located in the US.