VANCOUVER, British Columbia, March 30, 2022 (GLOBE NEWSWIRE) -- HYTN Innovations Inc. (“HYTN” or the “Company”) (CSE: HYTN) is pleased to announce that it has successfully sold cannabis flower to serve the Australian medical cannabis market under the Promethean BioPharma brand (“Promethean”) pursuant to the Company’s supply agreement (the “Agreement”) with TCann Pty Ltd. (“TCann”).
“HYTN has been sourcing superior dry flower cannabis inputs for its infused cannabis beverages and gummies for the last 12 months,” remarked Jason Broome, Chief Operating Officer. “As part of the procurement process, we were struck by the lack of quality and consistency of cannabis flower generally available and, as a result, focused on and built relationships with cultivators maximizing the potential of elite phenotypes. Leveraging our partnerships and our licensed manufacturing facility, we have entered the dry flower space and executed on procuring, drying, curing and exporting dry flower and obtaining the necessary licenses to do so. We have now expanded our exports to TCann to provide high-quality cannabis flower that conforms to TGO100 (ICH regulations for inhalation of herbal products) alongside the four cannabis emulsions we were already selling in the Australian market.”
Peter Comerford, CEO of Promethean and TCann, said “This high-quality input material will be manufactured into finished goods and released for supply under our GMP License (TGA) and our Schedule 8 Manufacturing and Wholesale License (NSW) to Australian patients early this week. Promethean and TCann are very particular about working within the legal frameworks of the countries we serve and partners like HYTN understand and support this.”
“HYTN is focused on innovating at all levels within the cannabis industry including: working to secure superior cultivars; creating and controlling monocultures; and working with the best growers on the planet to execute a cultivation plan that ensures our edibles and extracts are always the very best they can be. Our partnership with TCann demonstrates our commitment to growing revenues through an innovative approach to cannabis manufacturing,” noted Elliot McKerr, HYTN Chief Executive Officer. “The best inputs ensure a superior product experience and result in HYTN’s products having consistent and delicious outputs. Leveraging our inputs to provide the Australian market with quality cannabis flower which meets ICH requirements for inhalation of herbal medicine is a prime example of our commitment to elevating cannabis experiences.”
About HYTN Innovations Inc.
HYTN formulates, manufactures, markets, and sells premium cannabis goods. With the mission to be the leading provider of consistent, natural, and delicious cannabis products, HYTN focuses its efforts on identifying category opportunities and takes an innovative approach to delivering elevated cannabis experiences to a discerning customer base.
Please visit www.hytn.life for more information or contact:
Elliot McKerr, Chief Executive Officer
1.866.590.9289
HYTN Investor Relations
1.866.590.9289
investments@hytn.life
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) timing of Promethean and TCann manufacturing HYTN’s input materials into finished goods and releasing such goods to Australian patients. 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 as a result of new information, future events, or otherwise. The forward-looking statements contained in this news release are expressly qualified by this cautionary note.
