HYTN Provides Corporate Update, Outlines New Global Direction

One of the only Canadian firms meeting the stringent specifications of both the German Pharmacopoeia and European Pharmacopoeia for Cannabis Flower

VANCOUVER, British Columbia, April 03, 2024 (GLOBE NEWSWIRE) -- HYTN Innovations Inc. (CSE: HYTN | FSE: 85W0, "HYTN" or "The Company"), a leader in the development, formulation, and manufacturing of products containing psychoactive and psychotropic compounds, including cannabis, is pleased to provide an update on the company’s new strategic goals and plans for global commercialization. This follows the recent achievement of Good Manufacturing Practices (GMP) certification for HYTN's Kelowna production facility by Australia's Therapeutic Goods Administration (TGA) under the Pharmaceutical Inspection Co-operation Scheme (PIC/S) standard.

HYTN is announcing two strategic commercial initiatives underscoring the company’s commitment to leading the GMP-certified cannabis products industry. Firstly, the company will focus on transforming Canadian-grown cannabis into final medical products that meet GMP standards, and are ready for export to an international customer base. HYTN expects to commercialize both business to business and wholesale opportunities under this initiative. Additionally, HYTN aims to unlock global markets for established cannabis brands by leveraging the company's regulatory compliance, supply chain capabilities and Quality Management System. This initiative will allow for the rapid penetration of existing brands into highly regulated markets.

HYTN Chief Executive Officer, Elliot McKerr, shared his enthusiasm: "It’s an exciting time as the company has initiated a significant shift towards the production of GMP-certified cannabis products. While our commitment to the Canadian market remains strong, expanding our reach internationally allows the company to rapidly capitalize its capabilities and meet global demand. The authorization to process cannabis flower into pharmaceutical-grade products for export provides a significant advantage in a market actively seeking GMP-certified cannabis."

HYTN's strategic advancement is well-timed with the opening of Germany's medical cannabis market, projected to be valued at more than $2 Billion. This development complements the growing demand in other regions where medical cannabis is legal, including Australia—a country where HYTN has already established a successful export footprint. The company's GMP certification meets EU-GMP criteria and reflects strict adherence to those standards through rigorous quality system audits. Additionally, HYTN's collaboration with Promethean Biopharma in Australia, who sponsored the TGA audit, further reinforces the company's commitment to quality and compliance with stringent GMP requirements.