HYTN Innovations Inc. announced that its wholly owned subsidiary, HYTN Cannabis Inc., has been awarded a license by Health Canada, allowing for the sale of cannabis for medical purposes (with possession). This announcement follows a list of license achievements, including a Standard Processing License, Cannabis Research License, an Amendment for Sale of Recreational Cannabis, and a Standard Cannabis Cultivation License at the Company's Kelowna production facility.
"Achieving this license ensures that HYTN will be well positioned to capitalize on cannabis opportunities as they arise without lengthy licensing periods influencing our decision making. Having our production facility holds all available cannabis licenses demonstrates the strength of our regulatory program, operations, and team and will allow us to evaluate revenue streams, including medical sales prospects, that run parallel to our core business," states Elliot McKerr, HYTN Chief Executive Officer. "Transitioning from our partnership with Emerald Health Therapeutics has highlighted the extended time cannabis companies may wait while navigating the complex regulatory environment, and although HYTN is focused on its core business, this amendment allows us to evaluate medical sales prospects with an immediate degree of commercial certainty."
Jason Broome, HYTN Chief Operations Officer, notes, "While HYTN's focus has been on recreational cannabis products for the Canadian market, we have also demonstrated our ability to build on that foundation and develop and commercialize medical products for export. We are confident we can continue to execute on medical projects as opportunities arise, and the license simply enhances our ability to do so."
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