VANCOUVER, British Columbia, Feb. 23, 2023 — HYTN Innovations Inc. (“HYTN” or the “Company”) (CSE: HYTN) announced that it has successfully initiated cultivation of psilocybin mushrooms under its Dealer’s License granted by Health Canada in accordance with the Controlled Drugs and Substances Act. This announcement is a significant development supporting HYTN’s mission to be a leading manufacturer of psychoactive and psychotropic compounds.
The company also announced it has installed state-of-the-art equipment at its Kelowna facility, including high-performance liquid chromatography, and gas chromatography–mass spectrometry, to support the development of Active Pharmaceutical Ingredients (APIs) and strengthen the company’s technological capabilities. HYTN has also established a partnership with Graeme Staley, founder of Entheopharm Solutions Inc., and Dr. Philippe Henry, enabling the company to commence development of APIs containing a wide range of compounds, with the goal of positioning it as a leader in the emerging field of psychedelics.
Jason Broome, HYTN’s Chief Operating Officer, expressed his confidence in the company’s capability to meet API level specifications for psilocybin, as well as other psychoactive and psychotropic compounds. “With the necessary licenses, systems, and expert personnel, HYTN is well-positioned to develop a diverse portfolio of APIs. The company’s historical success commercializing novel formulations showcases our understanding of the regulatory systems in which we operate.”
To meet global standards, the company notes it is actively pursuing Current Good Manufacturing Practice (“cGMP”) certification through both the Canadian and Australian health authorities. Pending cGMP accreditation, HYTN will concentrate on producing high-quality psilocybin extracts, expanding its cannabis product lines, and refining approved substances.
HYTN’s Chief Executive Officer, Elliot McKerr, stated that “the company remains committed to expanding its product offerings and leveraging its manufacturing site and quality systems. HYTN is confident in its ability to achieve cGMP certification and become a leading producer of high-quality APIs worldwide. HYTN’s nationally and internationally listed cannabis products, featuring Elevation Technology®, will remain a cornerstone of its strategy. These products are available in both medical and recreational marketplaces and are known for their superior bioavailability, quality, and consistency.”
About HYTN Innovations Inc.
HYTN Innovations Inc., formulates, manufactures, markets, and sells premium products containing psychoactive and psychotropic compounds, including cannabis-derived cannabinoids. The company aims to be the leading provider of these products in all federally regulated markets and focuses on identifying category opportunities while taking an innovative approach to rapidly commercializing products within its elevated development platform.
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