Welcome to our dedicated page for HYTN Innovations news (Ticker: HYTNF), a resource for investors and traders seeking the latest updates and insights on HYTN Innovations stock.
HYTN Innovations Inc. is a Canadian company that formulates, manufactures, markets, and sells premium products containing cannabis-derived cannabinoids. The company has recently achieved Good Manufacturing Practices (GMP) certification, allowing it to package and label finished goods under GMP regulations for international medical markets. This certification enables HYTN to manufacture cannabis dried flower into bulk and finished GMP medical products, positioning the company well to capitalize on the growing global cannabis market and drive revenue growth.
HYTN Innovations Inc. (CSE: HYTN) provided an update on its Active Pharmaceutical Ingredient (API) development. The company holds multiple licenses enabling regulatory compliance in Canada, including a Dealers Licence and Research Licence. Recently, Health Canada requested HYTN to be included on an approved Dealers License holder list, enhancing access to a quality-controlled API supply. HYTN is also pursuing opportunities in the evolving cannabinoid market, including gaining Drug Establishment Licensing and Good Manufacturing Practices certification. Additionally, the launch of new flavored products aims to capitalize on growing consumer demand for rapid onset beverages.
HYTN Innovations has successfully fulfilled 100% of its holiday offerings, delivering unique cannabis products like THC-infused Spiced Apple Cider and Mandarin Orange Nano-Gummies across Canada. The rapid product development showcases the company's capability to meet customer demand. CEO Elliot McKerr emphasized strong sales and plans for future limited offerings. The new products utilize the latest Elevation Technology, improving formulation efficiency, particle size, and flavor while reducing costs by over 50%. This milestone illustrates HYTN's commitment to innovation in the cannabis market.
HYTN Innovations has partnered with Rose LifeScience to distribute its cannabis beverages in Quebec through the Société québécoise du cannabis. This agreement enhances HYTN's market presence in Quebec, a crucial market for its products. The company has also achieved vendor qualification in all Canadian markets and focuses on unique formulations tailored for Quebec consumers, including a sugar-free rapid onset beverage. This collaboration is expected to drive sales growth and introduce HYTN’s innovative product line to a wider audience.
HYTN Innovations Inc. has received a Controlled Drugs and Substances Dealer’s Licence from Health Canada, allowing for the production and sale of psilocybin. This achievement marks a significant milestone as few Canadian cannabis companies hold such a license. CEO Elliot McKerr emphasizes that this positions HYTN for growth in the emerging psychedelics market amid rising interest from researchers and pharmaceutical partners. The license permits possession of 300 grams of psilocybin, enabling the development of psilocybin-based products alongside existing cannabis offerings.
HYTN Innovations Inc. (CSE: HYTN) has entered into a manufacturing agreement with Tricanna Industries Inc. to enhance sales channels for cannabis pre-rolls, leveraging HYTN's sales license and vendor relationships. This collaboration aims to generate incremental revenue and facilitate market access for Tricanna’s products. The first order for an infused cannabis extract pre-roll from the Ontario Cannabis Store is anticipated to be fulfilled in October 2022. The agreement underscores HYTN's commitment to quality cannabis production and industry partnerships, positioning the company strategically in the growing market.
HYTN Innovations Inc. has launched its new Nano Gummies through its subsidiary, HYTN Cannabis Inc. These gummies utilize proprietary Elevation Technology for a rapid cannabis experience, complementing the company's all-natural cannabis beverage line. The launch follows the company’s transition to direct sales, previously halted due to vendor qualifications. The gummies, available in Yuzu-Pear and Crabapple-Lemon flavors, are set for national distribution by Q1 2023. This innovation aims to enhance consumer experience with quicker, more consistent effects.
HYTN Innovations Inc. has secured a new medical cannabis license from Health Canada, enhancing its ability to sell cannabis for medical purposes. This license complements existing accolades, including licenses for processing, research, and cultivation. CEO Elliot McKerr emphasized the strategic position this provides for evaluating revenue streams without delays from lengthy approval processes. The company aims to expand its offerings beyond recreational products, bolstering its competitive edge in the cannabis market.
HYTN Innovations Inc. (CSE: HYTN) announced a significant development on June 14, 2022, as its subsidiary, HYTN Cannabis Inc., received a license amendment from Health Canada, permitting cannabis cultivation. This enhances HYTN's existing regulatory approvals, which include a Standard Processing License and a Research License. The company's strategy involves collaborating with elite Okanagan cannabis breeders to control and innovate product quality through tissue culture. This cultivation license is seen as essential for establishing HYTN as a leader in cannabis innovation and improving consumer experiences.
HYTN Innovations reported key highlights from its Q2 financial results for the period ending March 31, 2022. The Company achieved revenues of $468,042 for the six months and maintains a cash position exceeding $2.2M. Post-reverse takeover of Mount Dakota Energy Corp., HYTN has no debt and holds $2.2M in property and equipment, including its licensed facility. CEO Elliot McKerr emphasizes rapid commercialization and aims to position HYTN as a national leader in cannabis edibles and extracts.
HYTN Innovations Inc. has announced the launch of its all-natural, sugar- and calorie-free sparkling cannabis beverages in Nova Scotia, marking an expansion of its distribution network across Canada. This follows a previous announcement regarding the approval for cannabis sales to authorized retailers. CEO Elliot McKerr emphasized the significance of this expansion for achieving a targeted 25% market penetration rate by end of 2022, as Nova Scotia offers additional points of sale. The company currently distributes its products to over 520 retailers in Canada.
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