The license is key to the extraction side of Aurora’s business as the Canadian cannabis company has expanded into the hemp sector since investing in Radient by taking majority ownership of Hempco Food and Fire and acquiring AgroPro, Europe’s biggest producer for organic hemp products.
Both acquisitions in the hemp space provide access to raw material for the extraction of CBD or cannabidiol, which is an area where Radient will provide assistance.
“With the upcoming new regulations permitting additional form factors and Radient’s recent receipt of its processor license, we are in a strong position to rapidly expand production of a broad portfolio of extract-based products, tying in well with the significant scale-up of our global cannabis and hemp operations,” said Terry Booth, Aurora’s CEO in a statement.
In response, Aurora shares added 3.4% to hit $7.65 before the opening bell on Monday.
In other news, Radient has appointed Aurora’s chief operating officer Allan Cleiren to its board of directors. Cleiren has worked closely with the extraction company to secure its standard processor license from Health Canada.
Radient has developed a new technology for the extraction of active ingredients from cannabis and hemp. Radient's patented microwave assisted processing (MAP) technology is based on the selective heating of moisture that is present in natural materials, using microwaves as the energy source. The technology creates a targeted, pressure-driven extraction process.
Contact Ellen Kelleher at [email protected]