HYTN Innovations Awarded Approval for the Sale of Cannabis to Provincially and Territorially Authorized Retailers
Kelowna, British Columbia. HYTN Innovations Inc. ("HYTN" or the “Company”) (CSE: HYTN) announces that its wholly owned subsidiary, HYTN Cannabis Inc., has been awarded a license amendment (the “License Amendment”) by Health Canada allowing for the sale of cannabis extract, edible cannabis, and cannabis topical products to provincially and territorially authorized retailers.
National sales of HYTN's cannabis-infused sparkling beverages had already begun through a partnership agreement with Emerald Health Therapeutics Inc. (Emerald) (CSE: EMH) (“Emerald”) as outlined in a press release dated Nov 3, 2021. Subsequently, in a press release dated Nov 29, 2021, Emerald announced a change in business strategy that would result in the winding down of all cannabis related activities, including its partnership with HYTN. HYTN’s receipt of the License Amendment ensures that it can continue to sell its all-natural, sugar and calorie-free sparkling cannabis beverages across Canada.
"Achieving this milestone under a strict timeline was a monumental feat lead by our exceptional operations team. This amendment coupled with the strong demand we have already seen will allow HYTN to execute on its sales objectives", said Jason Broome, HYTN's Chief Operations Officer.
HYTN CEO, Elliot McKerr, commented "Emerald’s decision to pivot out of cannabis accelerated our plan and timeline to achieve the License Amendment. We are now well positioned to recapture the 13.5% margin contribution previously associated with our agreement with Emerald."
The Company notes that plans are now in place to ensure a smooth transition for all existing customers.
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 License Amendment ensuring that HYTN can continue to sell its all-natural, sugar and calorie-free sparkling cannabis beverages across Canada; (ii) the License Amendment allowing HYTN to execute on its sales objectives; (iii) HYTN being well positioned to recapture the 13.5% margin contribution previously associated with its agreement with Emerald; and (iv) the Company being in a place to ensure a smooth transition for all existing 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.