HYTN Accelerates Sales Growth Through Atlantic Canada Distribution
Vancouver, BC - HYTN Innovations Inc. (“HYTN” or the “Company”) (CSE: HYTN) is pleased to announce that its all-natural, sugar and calorie free, sparkling cannabis beverages are now available for sale in Nova Scotia, expanding the brand’s distribution across Canada to British Columbia, Alberta, Saskatchewan, Ontario and Quebec. This news follows the company’s February 22 news release announcing “Approval for the Sale of Cannabis to Provincially and Territorially Authorized Retailers”.
Nova Scotia represents significant incremental points of sale for HYTN products, which feature their proprietary Elevation Technology and are produced at the Company’s wholly-owned, purpose-built, cannabis processing facility in Kelowna, British Columbia.
“We’re excited to see the continued growth of HYTN products across Canada”, noted HYTN CEO, Elliot McKerr. Mr. McKerr added “The Atlantic regions continue to demonstrate excellent cannabis adoption and per capita consumption rates. We’re thrilled for consumers to now have access to our rapid onset and great tasting cannabis beverages. Opening the market in Nova Scotia strengthens our market position and is expected to contribute to our stated goal of a 25% market penetration rate by the end of 2022."
As of April 1, 2022, there are a reported 3,138 licensed cannabis retailers in Canada, with HYTN reporting distribution in over 520 licensed locations.
HYTN also notes that the Nova Scotia listings for its sparkling cannabis beverages were achieved at a time when the Nova Scotia Liquor Corporation (the “NLSC”) was actively evaluating listings within the beverage category. “This milestone is the result of our focus on crafting the highest quality, best-performing cannabis products” noted Jason Broome, COO, HYTN. “Our Elevation Technology allows us to produce rapid and consistent effects, in a sugar- and sweetener- free formulation that tastes great. We believe the quality of our product sets us apart from the field and will allow us to continue to grow as the category becomes more competitive."
A complete store list from NLSC can be found at www.mynslc.com, while customers can also search for existing HYTN retail locations by clicking 'where to buy' at www.hytn.life.
Please visit www.hytn.life for more information or contact:
Elliot McKerr, 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) opening the market in Nova Scotia contributing to the Company’s stated goal of a 25% market penetration rate by the end of 2022; and (ii) the quality of the Company’s productallowing the Company to continue to grow as the beverage category becomes more competitive. 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.