- HYTN Innovations’ (HYTN) subsidiary, HYTN Cannabis Inc., has been awarded a controlled drugs and substances dealer’s license for psilocybin by Health Canada
- The license allows for the sale, possession, production, assembly, and transportation of psilocybin, and the company can possess up to 300 grams of psilocybin or its equivalent in biomass at any time
- It can also sell or transfer extracted material or final drug products to other dealers or authorized markets outside of Canada
- HYTN Innovations Inc. (HYTN) is trading steady at C$0.09 per share as of 12:40 pm
HYTN Innovations’ (HYTN) subsidiary, HYTN Cannabis, has been awarded a controlled drugs and substances dealer’s license for psilocybin by Health Canada.
The license allows for the sale, possession, production, assembly, and transportation of psilocybin, and the company can possess up to 300 grams of psilocybin or its equivalent in biomass at any time. It can also sell or transfer extracted material or final drug products to other licensed dealers or authorized markets outside of Canada. HYTN intends to begin researching and developing psilocybin-based products that complement its current offerings of cannabis beverages and edibles.
In addition to its Standard Processing License, Cannabis Research License, Standard Cultivation License, and Medical Sales License (with possession), the company noted that Canadian cannabis license holders have not widely accomplished this psilocybin.
HYTN’s Chief Executive Officer, Elliot McKerr, called this a considerable achievement.
“The emerging regulated psychedelics market is taking form, and we have seen considerable interest from researchers, physicians, and potential pharmaceutical partners in obtaining products containing psilocybin. We believe this license, combined with the intellectual property that HYTN possesses in formulating and manufacturing cannabis products, ensures HYTN is well-positioned for future growth driven by increasing access to psilocybin in Canada and around the world. Anticipating the evolving landscape of controlled substance access is paramount to ensuring HYTN is at the forefront of product development and future revenue opportunities.”
HYTN’s Chief Operating Officer, Jason Broome, added that this license demonstrates HYTN’s sophisticated operational capacity, as well as the strength of its multi-purpose facility and quality systems.
“We are now able to begin formulating and testing products containing psilocybin. This work will provide a strong foundational competitive advantage, ensuring HYTN is well positioned to service the current clinical trial market and future medical and recreational markets should they open.”
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 deliver elevated cannabis experiences to a discerning customer base.
HYTN Innovations Inc. (HYTN) is trading steady at C$0.09 per share as of 12:40 pm.
