HYTN awarded controlled drugs and substances dealer’s license allowing for production and sale of psilocybin
October 17, 2022 By Haley Nagasaki
(Globe Newswire) Vancouver — HYTN Innovations Inc., a leading cannabis company focused on creating consistent, natural and delicious cannabis products, is pleased to announce that its wholly owned subsidiary, HYTN Cannabis Inc., has been awarded a Controlled Drugs and Substances Dealer’s License by Health Canada allowing for the sale, possession, production, assembly and transportation of psilocybin, a naturally occurring psychedelic prodrug compound produced by a number of fungi.
This announcement follows several license achievements including a Standard Processing License and its Amendment for Sale, a Cannabis Research License, a Standard Cultivation License, and a Medical Sales License (with possession).
The company notes that this achievement has not been widely accomplished by Canadian cannabis licence holders and demonstrates the company’s ability to work with regulators to enhance licensed activities within its purpose-built ISO 9001:2015 accredited Kelowna production facility.
“This is a considerable achievement. The emerging regulated psychedelics market is taking form and we have seen considerable interest from researchers, physicians, and potential pharmaceutical partners in obtaining products containing psilocybin.
We believe this license, combined with the intellectual property that HYTN possesses in formulating and manufacturing cannabis products, ensures HYTN is well-positioned for future growth driven by increasing access to psilocybin in Canada and around the world. Anticipating the evolving landscape of controlled substance access is paramount to ensuring HYTN is at the forefront of product development and future revenue opportunities.” — Elliot McKerr, HYTN Chief Executive Office
“This license further demonstrates HYTN’s sophisticated operational capacity and the strength of our well scaled multi-purpose facility and quality systems. We are now able to begin formulating and testing products containing psilocybin. This work will provide a strong foundational competitive advantage, ensuring HYTN is well positioned to service the current clinical trial market and future medical and recreational markets should they open.” — Jason Broome, HYTN Chief Operating Officer
Under the license, the company may possess up to 300 grams of psilocybin or its equivalent in biomass at any time and can sell or transfer extracted material or final drug products to other licensed dealers or authorized markets outside of Canada. HYTN intends to begin researching and developing psilocybin-based products that complement its current offerings of cannabis beverages and edibles.
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