HYTN Innovations Archives - Green Market Report

Debra BorchardtFebruary 23, 2023

HYTN Innovations Inc. (CSE: HYTN) reported that it has successfully initiated the cultivation of psilocybin mushrooms under its Dealer’s License granted by Health Canada in accordance with the Controlled Drugs and Substances Act. The cultivation of psilocybin mushrooms is part of the company’s plan to be a leading manufacturer of psychoactive and psychotropic compounds.

Jason Broome, HYTN’s Chief Operating Officer said, “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.”

In order to meet global standards, the company said in a statement that it is actively pursuing Current Good Manufacturing Practice (“cGMP”) certification through both the Canadian and Australian health authorities. Pending cGMP accreditation, HYTN said it will concentrate on producing high-quality psilocybin extracts, expanding its cannabis product lines, and refining approved substances.

HYTN’s CEO Elliot McKerr said in a statement, “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.”

In addition to the work on mushroom cultivation, the company also stated that it had 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 start the development of APIs containing a wide range of compounds, with the goal of positioning it as a leader in the emerging field of psychedelics.

The company continues to produce cannabis products in addition to its shift to adding psychedelic compounds. HYTN’s existing suite of cannabinoid products features its Elevation Technology. Two new flavors 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.

StaffMay 31, 2022

HYTN Innovations Inc. (CSE: HYTN) reported certain highlights from its second-quarter financial statements ending March 31, 2022. Hytn reported revenues of $255,461 for the three months ending March 31, 2022. the company has a cash position of over $2.2 million, as of March 31, 2022, and $2.2 million in property, plant, and equipment assets, as of March 31, 2022, including all equipment related to the company’s purpose-built, ISO 9001:2015 Certified and Health Canada-licensed Kelowna manufacturing facility. The company noted it had no debt as of March 31, 2022.

However, it is also listed as a going concern at this time. On March 31, 2022, the company had not yet achieved profitable operations and had a deficit of $10,258,815 (September 30, 2021 – $1,455,350) and a working capital surplus (deficiency) of $2,360,778 (September 30, 2021 – $(1,505,928)). The company said it expects to incur further losses in the development of its business.

“A continued focus on rapid commercialization of products featuring our proprietary Elevation Technology has brought HYTN into revenue across Canada, specifically in British Columbia, Alberta, Saskatchewan, Ontario, Quebec, and Nova Scotia,” said Elliot McKerr, HYTN’s CEO. “We are poised to be a national leader in cannabis edible and extract products and aim to drive strong financial results through data driven decisions based on demand, market size and appropriate brand positioning, with maintenance of SKUs that have a robust margin contribution. Our strong team and world class facility are built to operate without excessive overhead and are scalable to ensure HYTN can meet expected market demands. We encourage stakeholders to review our Q2 Results and monitor our growth.”

The company said that the second quarter results reflected the details of HYTN’s reverse-take-over (“RTO”) of Mount Dakota Energy Corp. and the company’s financial position post-RTO. The company notes that the complexity of the second-quarter results was largely due to the RTO, which was a one-time transaction. As a result, the company’s future quarterly and annual financial statements are anticipated to be both more focused and cannabis-centric.

Debra BorchardtFebruary 23, 2022

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HYTN Innovations Inc. (CSE: HYTN) has had a big week for announcements. The company began trading yesterday on the Canadian Securities Exchange under the symbol “HYTN” following its reverse takeover transaction with HYTN Beverage Corp. and amalgamation between its wholly-owned subsidiary MMO Merger Holdings Inc. and 1306562 B.C. Ltd.

“This is an exciting day for all of us at HYTN,” says CEO Elliot McKerr. “Thanks to the support of our entire team we are well-positioned to execute on our strategy. We are looking forward to sharing our consistent, natural, and delicious products with even more consumers and building lasting value for all our stakeholders.”

HYTN is a Canadian company that formulates, manufactures, markets, and sells premium cannabis goods. The company describes its mission to be the leading provider of consistent, natural, and delicious cannabis products. “HYTN focuses its efforts on identifying category opportunities and takes an innovative approach to delivering elevated cannabis experiences to a discerning customer base.”

In addition to that, the company announced that its wholly-owned subsidiary, HYTN Cannabis Inc. was awarded a license amendment by Health Canada allowing for the sale of a cannabis extract, edible cannabis, and cannabis topical products to provincially and territorially authorized retailers.

The company said that the national sales of HYTN’s cannabis-infused sparkling beverages had already begun through a partnership agreement with Emerald Health Therapeutics Inc. (CSE: EMH) that was announced in November 2021. Then Emerald announced a change in business strategy that would result in the winding down of all cannabis-related activities, including its partnership with HYTN. HYTN said that its receipt of the License Amendment ensures that it can continue to sell its all-natural, sugar and calorie-free sparkling cannabis beverages across Canada.

“Achieving this milestone under a strict timeline was a monumental feat lead by our exceptional operations team. This amendment coupled with the strong demand we have already seen will allow HYTN to execute on its sales objectives,” said Jason Broome, HYTN’s Chief Operations Officer.

HYTN CEO, Elliot McKerr, commented, “Emerald’s decision to pivot out of cannabis accelerated our plan and timeline to achieve the License Amendment. We are now well-positioned to recapture the 13.5% margin contribution previously associated with our agreement with Emerald.” The company noted that plans are now in place to ensure a smooth transition for all existing customers.

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HYTN Innovations Archives - Green Market Report

HYTN Begins Cultivating Psilocybin Mushrooms

HYTN Innovations Reports Earnings, Remains Going Concern

HYTN Innovations Begins Trading On CSE

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