HYTN obtains a cannabis cultivation license to breed the
VANCOUVER, British Columbia, June 14, 2022 (GLOBE NEWSWIRE) — HYTN Innovations Inc. (“HYTN“or the”Company”) (CSE: HYTN) announces that its wholly owned subsidiary, HYTN Cannabis Inc., has received a license amendment (the “License modification”) of Health Canada allowing the cultivation of cannabis. This license amendment further strengthens HYTN’s regulatory approvals, which include a standard processing license, a research license and an amendment for the sale of cannabis to authorized provincial and territorial retailers.
“While we source dry flower and cannabis form factors downstream for our infused cannabis products, we have instructed our suppliers to only supply inputs that meet HYTN’s exacting specifications,” Jason remarked. Broome, COO of HYTN. “Consistently finding inputs that meet the standard has been a challenge. However, through this challenge, we have found an opportunity to advance our mission to elevate the cannabis experience by controlling where it begins, particularly with the cannabis plant itself. Having now obtained our cultivation license, our plan is to partner with Okanagan-based cannabis breeders to create a library of exceptional cultivars, which will be maintained in tissue culture at our Kelowna facilities, and to micro-propagate these crops, providing grow partners with hand-selected monocultures, which will flower and harvest them and care for them under our quality management system. Okanagan cannabis breeders and the cultivars they have created are elite and some of the best in the world. We look forward to obtaining quality inputs through our partnerships with these breeders, growers and processors using our hand-selected cultivars.
“The control of cannabis cultivars, along with subsequent cultivation, curing and processing, is essential to improving the cannabis experience for our consumers,” said Elliot McKerr, Managing Director of HYTN. “Obtaining a cultivation license allows us to implement our tissue culture program in our Kelowna facility. We see this as essential to anchoring HYTN as a leader in cannabis innovation and ensuring superior and elevated cannabis experiences every time a consumer chooses the HYTN brand.
About HYTN Innovations Inc.
HYTN formulates, manufactures, markets and sells premium cannabis products. With a mission to be the leading provider of consistent, natural and delicious cannabis products, HYTN focuses its efforts on identifying category opportunities and taking an innovative approach to delivering elevated cannabis experiences to discerning customers.
Please visit www.hytn.life for more information or contact:
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The Canadian Securities Exchange (CSE) has not reviewed, approved or disapproved of the contents of this press release.
Certain information contained herein may constitute forward-looking statements that involve risks and uncertainties. Readers are cautioned not to place undue reliance on forward-looking statements, including, but not limited to, statements regarding: (i) whether to advance the Company’s mission to enhance the cannabis experience ; (ii) the Company’s proposed partnership with Okanagan-based ranchers and the anticipated scope of such partnerships; (iii) the Company being able to improve the quality of its inputs through its new cannabis cultivation program; (iv) the entrenching company is a leader in cannabis innovation and guarantees superior and elevated cannabis experiences to its customers. Factors that could cause actual results to differ from forward-looking statements or affect the Company’s operations, performance, development and results of business include, among others: the Company’s ability to generate sufficient cash flow operating cash flow to meet its current needs and future obligations; the Company’s ability to access sources of debt and equity capital; competitive factors, pricing and supply and demand pressures in the Company’s industry; general economic and commercial conditions; and the effects and impacts of the COVID-19 pandemic, the extent and duration of which are uncertain at this time, on the Company’s business, as well as general economic and business conditions and markets. All statements that are not statements of historical fact are deemed to be forward-looking statements. The forward-looking statements contained in this press release are made as of the date of this press release and, except to the extent required by applicable law, the Company undertakes no obligation to update or revise any forward-looking statements made herein. or otherwise, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.