07:21:34 EDT Thu 25 Apr 2024
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HYTN Innovations Inc
Symbol HYTN
Shares Issued 67,369,837
Close 2024-03-20 C$ 0.15
Market Cap C$ 10,105,476
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HYTN receives GMP certification for Kelowna facility

2024-03-21 11:09 ET - News Release

Mr. Elliot McKerr reports


HYTN Innovations Inc. has been awarded good manufacturing practice (GMP) certification by Australia's Therapeutic Goods Administration (TGA) for its Kelowna production facility. This announcement supplements the company's March 3, 2024, release announcing that it had successfully completed the GMP audit.

Effective March 15, 2024, this certification enables HYTN to manufacture cannabis dried flower into bulk and finished GMP medical products. Although the company has previously serviced limited export opportunities, compliance with the Pharmaceutical Inspection Convention and Pharmaceutical Inspection Co-operation Scheme (PIC/S) guide to good manufacturing practice for medicinal products through this new GMP certification now enables HYTN to engage in broader international trade.

"We're extremely proud of this achievement," said Jason Broome, HYTN's chief operating officer, adding: "This certification showcases HYTN's commitment to quality and the capacity of our innovative processing facility. We expect significant growth and rising demand within the global medical cannabis markets. Our GMP certification positions us to capitalize on these international market opportunities."

The company's chief executive officer, Elliot McKerr, expressed excitement about the potential for growth now that the company is GMP certified: "Rapid expansion in medical cannabis markets requires sophisticated and regulatorily compliant operators, with this announcement HYTN is well positioned to provide products to these emerging markets. We look forward to commercializing this new capability and expect to collaborate with numerous global partners."

The company's dedication to international expansion comes as the Australian medical cannabis market has grown to an estimated value of over $400-million (Australian) and is currently the largest such market outside of North America. It also coincides with the emergence of a brand new and sizable market in Germany, also requiring GMP certification for medicinal cannabis products.

About HYTN Innovations Inc.

HYTN formulates, manufactures, markets and sells premium products containing psychoactive and psychotropic compounds, including cannabis-derived cannabinoids. HYTN's mission is to become the top provider of these products in all federally regulated markets. To achieve this, the company focuses on identifying market opportunities and quickly bringing its innovative products to market through its elevated development platform.

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