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.