HYTN Expands as Cannabis Products Launch in Australia
Vancouver, British Columbia, (GLOBE NEWSWIRE) -- HYTN Innovations Inc. (“HYTN” or the “Company”) (CSE: HYTN) is pleased to announce that, through a manufacturing and sales agreement (the “Agreement”) with Promethean BioPharma (“Promethean”), it has successfully developed, exported and launched cannabis nano-emulsions featuring HYTN’s proprietary Elevation Technology® into the Australian medical cannabis market.
The products being formulated and manufactured for Promethean (the “Products”), which are now selling under the Australian Therapeutic Goods Administration (TGA) Special Access and Authorized Prescriber Scheme, showcase HYTN's ability to leverage its partnerships, proprietary manufacturing process and expert formulation skills to deliver novel products into emerging legal cannabis markets.
The Products are cannabis oil in water emulsions featuring HYTN’s Elevation Technology® and include the following: a high CBD product; a balanced CBD:THC product; a high THC product; and a CBD isolate product. The Products, which HYTN believes are the first of their kind to reach the Australian market, are packaged in 60mL bottles each containing 1,200 mg of cannabinoids.
Jason Broome, HYTN Chief Operating Officer, stated, “Delivering cannabinoids orally has traditionally been a challenge. Oil-in-oil formulations, whereby cannabis distillate or isolate is suspended in an oil such as medium-chain triglycerides (MCTs), tend to have diminished bioavailability and onset times, resulting in reduced efficacy. Newer stable nano-emulsions such as those featuring our Elevation Technology® have an average particle size of <100 nm, which enhances both bioavailability and onset times.”
“The CBD-based Products are generally being prescribed in Australia for inflammation, seizures, nausea, anxiety, depression, migraine and psychosis, while the THC-based Products are generally being prescribed to assist in the treatment of pain, lack of appetite, insomnia, glaucoma, inflammation, nausea and muscle spasticity,” noted Michael Kale, MD, Chief Medical Officer, Promethean.
“The relationship between HYTN and Promethean focuses on quality, innovation, and value for all stakeholders. The Products efficiently utilize active ingredients by focusing on the science of bioavailability, ensuring patients get more of the active ingredient they have paid for. This is an exciting first step on a carefully planned journey. The first of the Products have been prescribed in Sydney and are being distributed across Australia,” stated Peter Comerford, Promethean Chief Executive Officer.
HYTN, as stated in its business plan, intends to continue to explore opportunities to expand its product capabilities in emerging legal cannabis markets. The Company hopes this will be the first of many projects highlighting its Elevation Technology® for medical purposes.
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
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) HYTN’s ability to leverage its partnerships, proprietary manufacturing process and expert formulation skills to deliver novel cannabis products into emerging markets; (ii) the partnership being an exciting first step on a carefully planned journey; (iii) HYTN’s intention to continue to explore opportunities to expand its product capabilities in emerging legal cannabis markets; and (iv) HYTN’s hope that the partnership with Promethean will be the first of many projects highlighting HYTN’s Elevation Technology® for medical purposes. 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.