HYTN Clears PIC/S GMP Audit, Primed for Global Expansion

One of a few Companies in Canada qualified to package and label finished goods under GMP

VANCOUVER, British Columbia, March 04, 2024 (GLOBE NEWSWIRE) -- HYTN Innovations Inc. (CSE: HYTN | FSE: 85W0) (the “Company” or “HYTN”), a company at the forefront of developing, formulating, and manufacturing products with psychoactive and psychotropic compounds, including those from cannabis and psilocybin, proudly announces the successful completion of a Good Manufacturing Practices (“GMP”) audit by Australia's Therapeutic Goods Administration (“TGA”) at their Kelowna facility. The positive outcome of the audit has set the stage for the subsequent issuance of formal GMP certification allowing the company to access international medical markets.

The successful GMP audit, in coordination with Australia's Promethean Biopharma, confirms HYTN as one of the few companies in Canada qualified to package and label finished cannabis goods in accordance with GMP regulations for international medical markets; facilitating the supply of high-quality medical cannabis products to international clients and enabling collaboration with global firms.

The GMP audit conducted by the TGA was performed in accordance with the standards of the Pharmaceutical Inspection Convention and Pharmaceutical Inspection Co-operation Scheme ("PIC/S"). The successful audit is a key achievement for HYTN, demonstrating the robustness of the company’s infrastructure and the effectiveness of its processes. Once issued, GMP certification under the PIC/S framework allows HYTN to engage with international medical markets that recognize the PIC/S standard, through established reciprocal agreements. This milestone aligns with the growth of robust international cannabis markets which require GMP certification to effectively commercialize.

"We're pleased to announce this important milestone," said Elliot McKerr, Chief Executive Officer of HYTN. "Our capability in Canada to convert cannabis biomass into GMP-compliant finished products, combined with our strategic location near top cultivators, positions us well to capitalize on the growing global cannabis market and drive revenue growth. We look forward to serving the global demand for GMP cannabis goods and exploring new partnership possibilities through HYTN's enhanced capabilities.”