VANCOUVER, British Columbia, Aug. 23, 2022 (GLOBE NEWSWIRE) -- HYTN Innovations Inc. ("HYTN" or the "Company") (CSE: HYTN) is pleased to announce that its wholly owned subsidiary, HYTN Cannabis Inc., has been awarded a license (the "License") by Health Canada allowing for the sale of cannabis for medical purposes (with possession). This announcement follows a list of license achievements including a Standard Processing License, Cannabis Research License, an Amendment for Sale of Recreational Cannabis and a Standard Cannabis Cultivation License at the Company's Kelowna production facility.
"Achieving this licence ensures that HYTN will be well positioned to capitalize on cannabis opportunities as they arise without lengthy licensing periods influencing our decision making. Having our production facility hold all available cannabis licenses demonstrates the strength of our regulatory program, operations and team and will allow us to evaluate revenue streams, including medical sales prospects, that run parallel to our core business," states Elliot McKerr, HYTN Chief Executive Officer. "Transitioning from our partnership with Emerald Health Therapeutics (CSE:EMH) has highlighted the extended time cannabis companies may wait while navigating the complex regulatory environment, and although HYTN is focused on its core business, this amendment allows us to evaluate medical sales prospects with an immediate degree of commercial certainty."
Jason Broome, HYTN Chief Operations Officer, notes, "While HYTN's focus has been on recreational cannabis products for the Canadian market, we have also demonstrated our ability to build on that foundation and develop, and commercialize medical products for export. We are confident we can continue to execute on medical projects as opportunities arise and the License simply enhances our ability to do so."
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) expected benefits from the new medical license; and (ii) the Company's plans and ability to explore new revenue streams, including medical projects. 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.
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