VANCOUVER, British Columbia, June 14, 2022 (GLOBE NEWSWIRE) — HYTN Innovations Inc. (“HYTN” or the “Company”) (CSE: HYTN) announces that its wholly owned subsidiary, HYTN Cannabis Inc., has received a license amendment (the “License Amendment”) from Health Canada allowing for the cultivation of cannabis. This License Amendment further strengthens HYTN’s regulatory approvals which include a Standard Processing License, a Research License and an Amendment for Sale of Cannabis to provincially and territorially authorized retailers.
“While sourcing dry flower and downstream cannabis form factors for our infused cannabis products, we have asked our suppliers to only provide inputs that meet HYTN’s exacting specifications,” remarked Jason Broome, HYTN Chief Operating Officer. “Consistently finding inputs that meet the standard has been a challenge. However, through that challenge, we have found an opportunity to further advance our mission of elevating the cannabis experience by controlling where it begins, specifically with the cannabis plant itself. Having now secured our cultivation license, our plan is to partner with Okanagan-based cannabis breeders to create a library of exceptional cultivars, which will be held in tissue culture at our Kelowna facility, and to micro-propagate those cultures, providing cultivation partners with hand-selected monocultures, who will grow them out to flower and harvest and cure them under our Quality Management System. Okanagan cannabis breeders and the cultivars they have created are elite and among the best in the world. We look forward to securing quality inputs through our partnerships with such breeders, growers and processors using our hand selected cultivars.”
“Controlling cannabis cultivars, as well as subsequent cultivation, curing and processing, is foundational to elevating the cannabis experience for our consumers,” noted Elliot McKerr, HYTN Chief Executive Officer. “Securing a cultivation license allows us to build our tissue culture program in our Kelowna facility. We see this as core to entrenching HYTN as a leader of cannabis innovation and ensuring superior and elevated cannabis experiences every time a consumer chooses the HYTN brand.”
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:
Chief Executive Officer
HYTN Investor Relations
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 opportunity to further advance the Company’s mission of elevating the cannabis experience; (ii) the Company’s plan to partner with Okanagan-based breeders and the anticipated scope of such partnerships; (iii) the Company being able to enhance the quality of its inputs through its new cannabis cultivation program; (iv) the Company entrenching itself is a leader of cannabis innovation and ensuring superior and elevated cannabis experiences for its customers. 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.