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.