VANCOUVER, British Columbia, Oct. 24, 2022 (GLOBE NEWSWIRE) -- HYTN Innovations Inc. (“HYTN” or the “Company”) (CSE: HYTN) is pleased to announce that its wholly owned subsidiary, HYTN Cannabis Inc., has entered into a sales, distribution and marketing agreement (the “Agreement”) with Rose LifeScience Inc. (Rose ScienceVie) (“Rose”), a leading supplier of cannabis products in Quebec. The Agreement provides a path for HYTN to sell its products, through Rose, to la Société québécoise du cannabis (the “SQDC”) and supports the Company’s goal of delivering its consistent, natural and delicious cannabis products featuring Elevation Technology® to every province and territory in Canada.
HYTN notes that it has achieved vendor qualification in all Canadian markets. However, Quebec is a unique market that requires hands on experience and on the ground presence. Jason Broome, HYTN Chief Operating Officer, stated, “Quebec is a critical market for HYTN’s cannabis beverages. Our formulations team has created unique products specifically for Quebec and we are proud that HYTN has focused on Quebec’s needs by delivering the only sugar-free maximum allowable dose, rapid onset beverage available to consumers in the province. It is a testament to our formulation, quality and operations teams that we were able to quickly scale from bench top to brite tank to meet demand.”
Elliot McKerr, HYTN Chief Executive Officer, commented, “Our partnership with Rose LifeScience, a world-class organization, is founded on our mutual dedication to delivering incredible products to an amazing market. This partnership gives consumers in Quebec the opportunity to experience HYTN’s great product portfolio. We are looking forward to seeing the sales progression that an experienced team such as Rose can deliver and are confident that they will provide the very best path to growth within Quebec.”
“We are excited with the opportunity to introduce high quality beverage products to the Quebec market and to partner with HYTN, an innovative cannabis company with a robust consumer-first approach,” added Davide Zaffino, President and CEO of Rose.
Pursuant to the Agreement, all revenue from orders of HYTN’s cannabis products will flow from the SQDC through Rose to HYTN. HYTN will then pay Rose a commission for their services. The Company filled its first order under the arrangement this month.
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.
About ROSE LifeScience Inc.
ROSE LifeScience is committed to ensuring that consumers benefit from the responsible production, sale, and consumption of cannabis in Québec and across Canada. From cannabis cultivation to marketing, commercialization, and logistics, the Huntingdon, QC company plays a key role in the Québec market. In addition to its own products and expertise, ROSE provides specialized industry services to selected producers to encourage a diversified offering in Québec and throughout Canada. For more information, visit roselifesience.ca.
For more information respecting HYTN, please visit www.hytn.life 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) the Company’s goal of delivering its products to every province and territory in Canada; (ii) the Company’s and Rose’s dedication to deliver incredible products to an amazing market; (iii) the sales progression that Rose can deliver; (iv) Rose providing the very best path to growth for the Company within Quebec; and (v) anticipated flow of funds under the Agreement. 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.
