Aurora Cannabis (TSX:ACB; OTCQB:ACBFF) announced, as set by the investor rights agreement between both companies, it will further invest $12 million into Radient Technologies (TSXV:RTI).
As quoted in the press release:
Radient intends to use the proceeds from the financing to accelerate plant capacity expansion and increased throughput at its Edmonton facility, the purchase of land adjacent to this facility for further expansion, including preparations for the broadening range of extraction-based cannabis products that are expected to be permitted under the new Cannabis Act, as well as for working capital purposes.
“With multiple Aurora facilities coming online and ramping up production in the coming quarters, as well as the anticipated export of cannabis oils and preparations for the legalization of adult consumer use in Canada, Radient’s planned expansion positions both companies exceptionally well to accelerate revenue growth,” said Terry Booth, CEO of Aurora. “This investment reflects our strategy to build a constellation of vertically integrated partners and subsidiaries, and we look forward to jointly pursuing further expansion of market share in this exiting space.”