HYTN Announces Initial Purchase Order under Manufacturing Partnership with Industry-Leading SNDL
VANCOUVER, British Columbia, Jan. 10, 2025 (GLOBE NEWSWIRE) -- HYTN Innovations Inc. (CSE: HYTN, FSE: 85W0, OTC PINK: HYTNF) (“HYTN” or the “Company”), a pharmaceutical company specializing in pharmaceutical-grade cannabis manufacturing is pleased to announce the receipt of an initial purchase order under manufacturing and pricing agreements (the Agreements) with SNDL Inc. (NASDAQ: SNDL) ("SNDL"), one of the world’s largest vertically integrated cannabis companies. This collaboration underscores the Company’s commitment to expanding its presence in regulated international markets, including the UK, Germany, and Australia.
Under the executed agreements, HYTN will utilize EU Good Manufacturing Practice (EU GMP) to process both bulk and finished cannabis products for SNDL. HYTN’s ability to meet stringent international requirements, combined with SNDL’s cannabis expertise, positions both companies to rapidly scale operations and introduce high-quality products to key international markets.
“This partnership underscores our commitment to delivering exceptional cannabis products in regulated international markets,” said Elliot McKerr, CEO of HYTN. “With SNDL’s robust market presence and HYTN’s advanced manufacturing standards, we are poised to make a significant impact on the global cannabis industry.”
The progress of the partnership is highlighted by the receipt of HYTN’s initial purchase order from SNDL for EU GMP-certified dried cannabis flower, featuring multiple cultivars for export to the UK. Processing of the initial order is expected to be completed by February 2025. Jason Broome, COO of HYTN, emphasized the importance of this milestone, stating, "This order highlights HYTN’s capacity for high-volume, EU GMP-certified cannabis production, ensuring our partners, like SNDL, have the infrastructure needed to expand into global markets. We’re excited to collaborate on this opportunity and demonstrate our operational expertise."
This collaboration positions the Company to capitalize on the expanding global cannabis market, including Germany’s medical cannabis industry, valued at an estimated CAD $2 billion1, and Australia’s rapidly growing market, which surpassed AUD $200 million in 20222, underscoring the opportunities ahead.
The initial purchase order is anticipated to ship in Q1 2025, import permits from the UK's Home Office were received on Jan 6th. The broader agreements, which were signed in August 2024 and have a term of two years, establish the operational framework for a partnership supporting HYTN's processing of SNDL cannabis products destined for international markets.
[1] J. Green, International Cannabis Business Conference (July 8, 2024), "Germany’s Medical Cannabis Industry Is Booming."
[2] J. Ryan, Pennington Institute (December 2023), "Cannabis in Australia."
About HYTN Innovations Inc.
HYTN Innovations Inc. is a pharmaceutical company that specializes in the formulation, manufacturing, marketing, and sale of products containing psychoactive and psychotropic compounds, including cannabis-derived cannabinoids and psilocybe-derived tryptamines. HYTN is dedicated to becoming a premier provider of these products across all federally regulated markets. The Company accomplishes this by strategically identifying market opportunities and effectively bringing innovative products to market through its advanced development platform.
About SNDL Inc.
SNDL is a public company whose shares are traded on the Nasdaq under the symbol "SNDL." SNDL is the largest private-sector liquor and cannabis retailer in Canada with retail banners that include Ace Liquor, Wine and Beyond, Liquor Depot, Value Buds, Spiritleaf, and Superette. SNDL is a licensed cannabis producer and one of the largest vertically integrated cannabis companies in Canada specializing in low-cost biomass sourcing, indoor cultivation, product innovation, low-cost manufacturing facilities,?and a cannabis brand portfolio that includes Pearls by Grön, No Future, Bhang Chocolate, Top Leaf, Contraband, Citizen Stash, Sundial Cannabis, Palmetto, Spiritleaf Selects, Bon Jak, Versus, Value Buds, Namaste, Re-up, Grasslands and Vacay. SNDL's investment portfolio seeks to deploy strategic capital through direct and indirect investments and partnerships throughout the North American cannabis industry.?For more information on SNDL, please go to?https://sndl.com/.
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