On Monday, Radient Technologies Inc. (TSXV:RTI) filed thirteen patent applications for inventions to improve and expedite efficient tracking of cannabis biomass to cannabis-extract containing products. Additionally, Radient intends to use artificial intelligence to augment existing tracking templates with the use of “smart” technology. The company’s new inventions will ultimately create enhanced solutions for tracking the cannabis plant through its entire lifecycle, from genetics to extraction to shipping and sales.
Machine learning is a kind of artificial intelligence where systems are programmed to learn from and recognize patterns in data to make decisions with little to no human interaction. In other words, artificial intelligence is being used to streamline key tracking assets in the cannabis industry.
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Radient Technologies hopes the technology they developed could end up saving billions in long-term costs. The patents pending are for inventions such as “smart totes” that will not only track the transportation of cannabis and cannabis extracts but also the safety and compliance of those products.
The goal, according to Radient, is to create new smart technology developments that can be used by established brands as well as newcomers to the industry.
“As Radient’s business operations and partnerships continue to grow, we are committed to expanding our position in the broader cannabis landscape, while utilizing new technology to create efficiency and synergy in our process,” said Dr. Steven Splinter, Founder and CTO of Radient in a statement.
The company now has a total of 32 patents pending in this year alone. Over the past decade, Radient procured patents for various extraction and high-tech inventions, including systems to extract genetically harmful chemicals from different organic matter. They are also waiting on a patent for another invention that can reduce and perhaps ultimately remove addictive nicotine from tobacco products.
A bigger footprint in the cannabis industry
Radient also finished a manufacturing facility in Alberta and procured Dealer’s Licenses from Health Canada to legally sell cannabis, cannabis extracts, and cannabis technology with other Canadian Licensed Producers.
Cannabis investors will remember when Aurora Cannabis (TSX:ACB) (OTCQB:ACBFF) announced their additional $12 million investment in Radient Technologies last year. Aurora asked for exclusive rights to Radient’s MAP technology and have since implemented it in their Aurora Sky facility. The strategic investment paid off for both companies. The company released their first quarter earnings for 2019 in August, and with over $17 million in working capital, Radient is ready to act on their strategic partnership with Aurora as well as with their own facilities.
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In an industry with a projected net worth in the billions, it will take a lot more than artificial intelligence and machine learning for anyone pot stock to be a top player. Radient’s diverse approach to technology and their strategic agreements with reputable cannabis brands could set them apart from the competition and give the company the brand awareness they need to stay in the game.