VANCOUVER, British Columbia, April 03, 2024 (GLOBE NEWSWIRE) — HYTN Innovations Inc. (CSE: HYTN | FSE: 85W0, “HYTN” or “The Company”), a leader in the development, formulation, and manufacturing of products containing psychoactive and psychotropic compounds, including cannabis, is pleased to provide an update on the company’s new strategic goals and plans for global commercialization. This follows the recent achievement of Good Manufacturing Practices (GMP) certification for HYTN’s Kelowna production facility by Australia’s Therapeutic Goods Administration (TGA) under the Pharmaceutical Inspection Co-operation Scheme (PIC/S) standard.
HYTN is announcing two strategic commercial initiatives underscoring the company’s commitment to leading the GMP-certified cannabis products industry. Firstly, the company will focus on transforming Canadian-grown cannabis into final medical products that meet GMP standards, and are ready for export to an international customer base. HYTN expects to commercialize both business to business and wholesale opportunities under this initiative. Additionally, HYTN aims to unlock global markets for established cannabis brands by leveraging the company’s regulatory compliance, supply chain capabilities and Quality Management System. This initiative will allow for the rapid penetration of existing brands into highly regulated markets.
HYTN Chief Executive Officer, Elliot McKerr, shared his enthusiasm: “It’s an exciting time as the company has initiated a significant shift towards the production of GMP-certified cannabis products. While our commitment to the Canadian market remains strong, expanding our reach internationally allows the company to rapidly capitalize its capabilities and meet global demand. The authorization to process cannabis flower into pharmaceutical-grade products for export provides a significant advantage in a market actively seeking GMP-certified cannabis.”
HYTN’s strategic advancement is well-timed with the opening of Germany’s medical cannabis market, projected to be valued at more than $2 Billion. This development complements the growing demand in other regions where medical cannabis is legal, including Australia—a country where HYTN has already established a successful export footprint. The company’s GMP certification meets EU-GMP criteria and reflects strict adherence to those standards through rigorous quality system audits. Additionally, HYTN’s collaboration with Promethean Biopharma in Australia, who sponsored the TGA audit, further reinforces the company’s commitment to quality and compliance with stringent GMP requirements.
Jason Broome, HYTN’s Chief Operating Officer, underscored the company’s distinctive capabilities within the cannabis industry. “Situated in the interior of British Columbia, an area heralded as a premier cannabis-growing region globally, HYTN enjoys direct access to top-tier cannabis immediately after harvest. Our robust systems for drying, curing, and packaging meticulously maintain the integrity of our product while adhering to the stringent specifications of both the German Pharmacopoeia (Deutsches Arzneibuch, DAB) and the European Pharmacopoeia for Cannabis Flower,” explained Broome. He elaborated, “Leveraging our locational advantage and processing prowess enables us to deliver cannabis of the utmost quality, within GMP-compliant packaging for the international marketplace. Our comprehensive quality system covers the entire process, from cultivation to patient-facing final packaging, upholding the high standard of our product, so customers consistently receive the finest quality cannabis every time.”
About HYTN Innovations Inc.
HYTN formulates, manufactures, markets, and sells premium products containing psychoactive and psychotropic compounds, including cannabis-derived cannabinoids. HYTN’s mission is to become the top provider of these products in all federally regulated markets. To achieve this, the company focuses on identifying market opportunities and quickly bringing its innovative products to market through its elevated development platform.
About Good Manufacturing Practices (GMP)
GMP guidelines are pivotal in enhancing product quality by establishing rigorous standards for manufacturing, testing, and quality assurance. These guidelines are instrumental in managing and mitigating risks, thereby ensuring products are consistently produced and controlled according to quality standards. By prioritizing safety, GMP helps ensure that products do not pose unacceptable risks to consumers. Adherence to GMP is mandated in many countries, aligning with national regulations to uphold global quality standards and facilitate international commerce in regulated products.
About Pharmaceutical Inspection Convention and Pharmaceutical Inspection Co-operation Scheme (PIC/S)
The PIC/S is a global initiative aimed at standardizing GMP across more than 50 member countries, thereby facilitating international trade in pharmaceuticals. Established to ensure the quality and safety of medicines for human and veterinary use, PIC/S promotes harmonized GMP standards and mutual recognition of inspection results among regulatory authorities, streamlining the approval process for pharmaceutical manufacturers.
For more information contact:
Elliot McKerr
Chief Executive Officer
1.866.590.9289
HYTN Investor Relations
1.866.590.9289
[email protected]
The Canadian Securities Exchange (CSE) has not reviewed, approved, or disapproved the contents of this press release.
Certain information contained herein may constitute forward-looking statements that involve risks and uncertainties. Readers are cautioned not to place undue reliance on forward-looking statements, including, but not limited to, statements regarding: (i) The Company manufacturing GMP goods; (ii) The export of finished medical cannabis products to international markets; (iii) Significant growth and rising demand within the global medical cannabis markets; (iv) The Company’s ability to collaborate with numerous global partners; (v) Acceptance of the Company’s GMP certification as EU-GMP by member nations and or International Partners Quality Team(s); (vi) The integrity of the company’s product adhering to the stringent specifications of both the German Pharmacopoeia (Deutsches Arzneibuch, DAB) and the European Pharmacopoeia for Cannabis Flower. Factors that could cause actual results to vary from forward-looking statements or may affect the operations, performance, development, and results of the Company’s business include, among other things: the Company’s ability to generate sufficient cash flow from operations to meet its current and future obligations; the Company’s ability to access sources of debt and equity capital; competitive factors, pricing pressures, and supply and demand in the Company’s industry; general economic and business conditions; and the effects and impacts of the COVID-19 pandemic, the extent and duration of which are uncertain at this time, on the Company’s business and general economic and business conditions and markets. Any statements that are not statements of historical fact are deemed to be forward-looking statements. The forward-looking statements contained in this news release are made as of the date of this news release, and, except to the extent required by applicable law, the Company assumes no obligation to update or revise forward-looking statements made herein or otherwise, whether because of new information, future events, or otherwise. The forward-looking statements contained in this news release are expressly qualified by this cautionary note.
Bay Street News
