The Aurora Sun greenhouse and processing facility are seen in northwest Medicine Hat on Sept. 8, 2020.--NEWS FILE PHOTO
Medicine Hat News
A CBD processing company partly owned and aligned with Aurora Cannabis has replaced its CEO and launched a strategic review of operations.
Radient Technologies recently completed a processing facility in Edmonton to accept byproduct and material from Aurora’s Alberta greenhouses.
On Friday, it announced it was formally evaluating operations and costs toward finding positive cashflow, a process led by incoming president Jan Petzel, a board member and banker.
This month, Radient announced it earned a gross profit of about $450,000 for the year ending last March, but the net loss was $37.4 million due to write-downs and capital expansions.
Aurora Cannabis, which launched its own review and series of cost-cutting measures last fall, is set to release its full-year financial report on Tuesday afternoon.
Those measures include the postponement of commissioning any portion of the massive, partly complete Aurora Sun facility in Medicine Hat until consumer demand and sales warrant.
CBD is the prevalent, non-intoxicating substance in cannabis and hemp plants, and is used widely in cosmetics and pharmaceuticals, as well as consumer products like drinks and vape cartridges.
