HYTN Innovations advances active pharmaceutical ingredient portfolio
February 16, 2023 By Grow Opportunity Staff
(Globe Newswire) Vancouver — HYTN Innovations Inc., a leading manufacturer of products containing psychoactive and psychotropic compounds, including cannabis-derived cannabinoids, is pleased to provide an update on its active pharmaceutical ingredient (API) portfolio.
The company’s Kelowna, B.C. facility holds all available licenses and amendments under both the Cannabis Act and the Controlled Drugs and Substances Act, enabling it to be at the forefront of regulatory compliance. As noted in previous news releases these licenses include the following: dealers licence, standard processing, standard cultivation, medical sales (with possession), amendment for sale to provincial and territorial authorized retailers and a research licence.
The company has begun executing on a clear and achievable path to commercial viability for API development. This path includes a recent request by Health Canada for HYTN to be included on a list of approved dealers license holders. This list will be shared with institutions, practitioners, and others interested in accessing a quality-controlled API supply through the special access program (SAP) or clinical trials. Other opportunities the company is pursuing include the growing US and global interest in novel cannabinoids and the recent regulatory changes by the therapeutic goods administration (TGA) in Australia granting the medical use of psilocybin and MDMA for select indications.
“The growth of HYTN’s API commercial pipeline showcases the Company’s dedication to innovation while working within federal frameworks concerning all controlled active ingredients. API development, specifically, continues to position HYTN ahead of regulatory changes regarding increased access to cannabinoids and other psychoactive molecules allowing rapid commercialization as markets open globally.” — Elliot McKerr, CEO, HYTN
HYTN’s existing suite of cannabinoid products that feature the company’s proprietary Elevation Technology®, continue to grow market share nationally. Two new flavours of HYTN’s rapid onset sparkling beverage products are set to ship to Ontario, Canada’s largest market. With consumers continuing to lean towards new, fast-acting, and predictable form factors in 2023, HYTN aims to capitalize on this trend.
HYTN achieved various milestones at the end of 2022, allowing the company to enter national markets and begin generating revenue. HYTN’s success culminated with their innovative holiday products selling out ahead of schedule, as announced in a news release on October 24th. HYTN continues to drive innovation in the cannabis industry and the recent update on their API development underscores their commitment to exploring accretive and synergistic revenue streams.
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