VANCOUVER, British Columbia, Feb. 17, 2025 (GLOBE NEWSWIRE) -- HYTN Innovations Inc. (CSE: HYTN, FSE: 85W0, OTC PINK: HYTNF) (“HYTN” or the “Company”), a company specializing in pharmaceutical-grade cannabis manufacturing, is pleased to announce that it has entered into a comprehensive collaboration (the “Collaboration”) with A1 Cannabis Inc. (“A1”), owner of Summit Cannabis Beverages ("Summit"). Through the Collaboration, the Company and A1 seek to enhance operational efficiency and expand both companies' presence in the cannabis beverage market.
The Collaboration is governed by both a manufacturing agreement and a consulting agreement with a letter of understanding tying them together (the "Agreements") and has a three-year term. The Agreements allow A1 to transition its complete cannabis product portfolio from Tilray Brands to HYTN. Additionally, under the Agreements, A1 will offer sales management services, while HYTN will provide the facilities, licenses, and qualifications required for ongoing product development within its licensed infrastructure. The agreements were signed on Feb 5th, 2025.
As part of the Collaboration, Cole Miller, CEO of A1 Cannabis, will oversee HYTN’s domestic product sales forecasting, product development, and sales management for its 5 and 10 mg Sparkling Beverages and 100 mg Nano Shots. His contributions aim to optimize market reach and revenue growth, with compensation structured as a revenue-sharing agreement for all A1/Summit-branded products.
HYTN believes that this Collaboration will accelerate its goal of introducing a wider range of consumer products under a cost-effective and scalable manufacturing framework. A1 reported Sumit Beverage sales of over 600,000 units in 2022 and is currently distributed at over 300 retailers nationally.
Notably, this Agreement does not constitute a joint venture. HYTN will register, manufacture, collect revenues and sell A1 products under its own licenses and approvals, while A1 retains rights to the A1 and Summit brands, its product formulations, and all related intellectual property.
“Integrating A1 into HYTN is an important advancement in scaling our domestic business,” said Elliot McKerr, CEO of HYTN. “By combining the Summit brand and A1’s product lineup into our operations, we are aiming to enhance operational efficiency, unlock revenue opportunities, and leverage industry expertise to strengthen our product development and sales strategy.”
“This collaboration is expected to allow A1 to streamline its operations while benefiting from HYTN’s manufacturing capabilities,” added Cole Miller, CEO of A1 Cannabis. “I am looking forward to contributing my experience in sales and product strategy to HYTN’s innovative beverage and Nano Shot offerings, helping to broaden their footprint in the market while also growing the existing A1 and Summit portfolio that we've built over the years.”
HYTN has begun registering A1’s product portfolio and expects to secure initial purchase orders for Summit-branded products by Q2 2025. This collaboration aligns with HYTN’s strategy to enhance operational efficiency and expand its presence in the cannabis market while leveraging its licensed infrastructure to support scalable growth.
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 A1 Cannabis
A1 Cannabis is a leading Canadian cannabis beverage company, committed to delivering innovative and accessible infused drinks. Since 2020, A1 Cannabis has been at the forefront of the market with Summit, its flagship brand known for offering non -carbonated, better for you cannabis beverages.
The Canadian Securities Exchange (CSE) has not reviewed, approved, or disapproved the contents of this press release.
Certain information contained herein may constitute forward-looking information that involves risks and uncertainties. Readers are cautioned not to place undue reliance on forward-looking statements, including, but not limited to, statements regarding the expected increase in production volume, the anticipated receipt of purchase orders for A1/Summit-branded products, and the operational efficiencies and market expansion expected from the collaboration with A1 Cannabis. Factors that could cause actual results to vary from forward-looking statements or may affect the operations, performance, development, and results of the Company’s business include, among other things: the Company’s inability to achieve anticipated production efficiencies; delays or challenges in product registration or purchase order fulfillment; disruptions in the agreements with A1 Cannabis; changes in regulatory requirements affecting product registration or distribution; shifts in market demand for cannabis beverages; competitive factors within the industry; and general economic and business conditions. Any statements that are not statements of historical fact are deemed to be forward-looking statements. The forward-looking statements contained in this news release are made as of the date of this news release, and, except to the extent required by applicable law, the Company assumes no obligation to update or revise forward-looking statements made herein or otherwise, whether because of new information, future events, or otherwise. The forward-looking statements contained in this news release are expressly qualified by this cautionary note.
