HYTN Welcomes U.S. Recommendation to Reclassify Cannabis, Foresees Growth

VANCOUVER, British Columbia, May 01, 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, applauds the recent formal recommendation by the U.S. Justice Department, endorsed by the Drug Enforcement Agency (DEA), to reclassify cannabis from a Schedule I to a Schedule III controlled substance.

This historic shift, pending review by the White House Office of Management and Budget (OMB), recognizes the medical utility of cannabis and its lower potential for abuse compared to substances in higher schedules. HYTN views this as a progressive move which harmonizes federal regulations with the evolving public and medical stance on cannabis. HYTN notes that such a change aligns with other global markets which have legalized cannabis for medical consumption and regulate its manufacture and sale under Good Manufacturing Practice (GMP) guidelines.

The reclassification to Schedule III is anticipated to facilitate broader research initiatives and reduce operational complexities for cannabis businesses in the United States. This change will likely enable more comprehensive studies on the therapeutic benefits of cannabis and significantly ease the regulatory burden, fostering innovation and growth.

Additionally, this policy adjustment promises to alleviate the excessive tax burdens faced by cannabis businesses under the current Schedule I classification, which restricts business deductions and financial services access. HYTN anticipates these changes will enhance the economic environment for cannabis businesses, promoting a more sustainable industry framework.

Elliot McKerr, Chief Executive Officer of HYTN, expressed his support: “This announcement signals a significant growth opportunity for the cannabis industry. We anticipate reclassification in the U.S. to impact the global approach to cannabis regulation and integration into mainstream healthcare and consumer markets. HYTN's recent shift into GMP product manufacturing demonstrates our dedication to compliant global expansion, and we welcome changes that could fuel growth in the cannabis sector.”

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.