HYTN Welcomes Health Canada for Audit to Enhance GMP Capabilities

VANCOUVER, British Columbia, April 09, 2024 (GLOBE NEWSWIRE) -- HYTN Innovations Inc. (CSE: HYTN, “HYTN” or “The Company”), a leader in the development, formulation, and manufacturing of products containing psychoactive and psychotropic compounds, including cannabis, welcomed Health Canada’s conduct of a Drug Establishment License (DEL) audit. The audit, which aims to expand the Company's Good Manufacturing Practices (GMP) capabilities, follows the recent achievement of 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.

Securing a DEL will enhance HYTN's current GMP manufacturing capabilities, facilitating the development and sale of additional compounds and product variations. The Company has submitted its products, which contain both cannabis and psilocybin, for audit consideration.

"Emerging international markets increasingly demand GMP manufacturing," said HYTN's Chief Operating Officer, Jason Broome. "We foresee global growth in cannabis and psychedelic development requiring expertise and experience in the robust regulatory framework associated with drug development. HYTN has demonstrated its ability to manufacture these products according to GMP guidelines. Obtaining a DEL will enable us to pursue expanded clinical and commercial opportunities, including filing Investigational New Drug (IND) submissions with the FDA."

While the Company cannot provide a timeline for the audit, the recent successful certification under the PIC/S standard underscores the facility's adherence to high-quality standards in both its operations and quality systems. HYTN is committed to transparency and will provide updates on the audit's progress as they become available.

About HYTN Innovations Inc.

HYTN formulates, manufactures, markets, and sells premium products containing psychoactive and psychotropic compounds, including cannabis-derived cannabinoids. HYTN's mission is to become the top provider of these products in all markets where such products are federally regulated. To achieve this, the Company focuses on identifying market opportunities and quickly bringing its innovative products to market through its elevated development platform.