In This Article:
HYTN receives certification for GMP distribution to international markets
VANCOUVER, British Columbia, Oct. 09, 2024 (GLOBE NEWSWIRE) -- HYTN Innovations Inc. (CSE: HYTN, FSE: 85W0, OTC PINK: HYTNF) (“HYTN” or “the Company”), a pharmaceutical company specializing in the development, formulation, and manufacturing of psychoactive and psychotropic compounds, including cannabis and psilocybin, proudly announces that it has received an additional Good Manufacturing Practices (“GMP”) certification for its Kelowna manufacturing facility. This certification now includes distribution as a licenced activity under HYTN's Drug Establishment Licence (“DEL”) issued by Health Canada.
This new activity builds on HYTN's existing GMP certification, which was issued under the International Pharmaceutical Co-operation Scheme (“PIC/S”) and by Heath Canada. HYTN is already authorized to fabricate, package, and label non-sterile pharmaceutical products. The addition of distribution allows the company to distribute GMP-certified products directly, though HYTN may still collaborate with regional distributors as needed depending on market demands.
“We have once again demonstrated the compliance of our facility and quality systems,” said Jason Broome, HYTN's Chief Operations Officer. “This licence amendment further supports our expansion into non-sterile pharmaceutical production and enables us to distribute our products in markets where this is required.”
GMP certification is critical for the sale of non-sterile pharmaceuticals, including cannabis medicines, in markets such as Germany, the United Kingdom, Australia, and Poland.
The company also announces that it has granted 200,000 Restricted Share Units (“RSU”) to certain consultants of the Company pursuant to the Company’s Equity Incentive Plan.
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 Good Manufacturing Practices (GMP)
Good manufacturing practice guidelines provide guidance for manufacturing, testing, and quality assurance to ensure that a manufactured product is safe for human consumption or use. Many countries have legislated that manufacturers follow GMP procedures and create their own GMP guidelines that correspond with their legislation.