VANCOUVER, British Columbia, Jan. 21, 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 collaboration agreement (the Agreement) with SNDL Inc. (NASDAQ: SNDL) ("SNDL"), one of the world’s largest vertically integrated cannabis companies, to jointly develop Good Manufacturing Practices (GMP) compliant vape cartridges.
Leveraging HYTN’s GMP-certified facility and expertise in quality system development, SNDL will provide specialized equipment, cannabis consumables, and the required capital to meet stringent regulatory requirements for GMP product development. HYTN will endeavour to amend its licenses and/or certificates, establish a stability program, and implement GMP-compliant processes tailored for vape cartridge production. This initiative follows the Company’s January 10, 2025, announcement of a manufacturing partnership and initial purchase order with SNDL.
“HYTN holds both a Drug Establishment License and EU GMP equivalent certification under the International Pharmaceutical Cooperation Scheme (PIC/S), making it one of the few facilities in Canada capable of manufacturing vape cartridges for international distribution,” stated Jason Broome, HYTN’s Chief Operations Officer. “This collaboration with SNDL is expected to provide the resources required to rapidly amend our manufacturing systems and deliver vape cartridges to pharmaceutical markets.”
Under the Agreement which was signed January 17, 2025, neither HYTN nor SNDL are obligated to exclusivity. While key milestones include the processing of three (3) commercial batches, there is no obligation regarding sales volume or pricing terms. Upon completion of the development phase, both parties may explore a commercial manufacturing agreement for vape cartridges.
The market for GMP-compliant cannabis vape products continues to expand. The number of medical cannabis patients in the UK is projected to increase by 124% from 2024 - 2028¹, and the German cannabis vape market is expected to reach 966.6 million USD by 2030², with Canada accounting for approximately 50% of Germany’s medical and scientific cannabis imports. These trends underscore HYTN’s strategic focus on GMP manufacturing to meet evolving international requirements.
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/.
About Good Manufacturing Practices (GMP)
GMP 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.
About Pharmaceutical Inspection Convention and Pharmaceutical Inspection Co-operation Scheme (PIC/S)
The Pharmaceutical Inspection Co-operation Scheme (PIC/S) is a global initiative aimed at standardizing Good Manufacturing Practices (GMP) across its 56 member countries, thereby facilitating international trade in pharmaceuticals. Established to ensure the quality and safety of medicines for human and veterinary use, PIC/S promotes harmonized GMP standards and mutual recognition of inspection results among regulatory authorities, streamlining the approval process for pharmaceutical manufacturers.
1. Prohibition Partners. (2024). UK's medical cannabis boom: Patients, demand, and consumption surge to all-time highs – With a record number of private clinics. Article.
2. Lamers, M. (2024). German cannabis imports rise to 34.6 tons as cultivators eye the end of the quota system. Article.
Forward Looking Information Disclaimer
This news release contains statements and information that constitute “forward-looking information” within the meaning of applicable securities laws. Such information is based on current expectations, estimates, forecasts, projections, beliefs and assumptions made by management of the Company. Forward-looking information may include financial and other projections, as well as statements regarding future plans, strategies, prospects, objectives or economic performance, or the assumption underlying any of the foregoing. In some cases, forward-looking statements can be identified by terms such as “may”, “would”, “could”, “will”, “likely”, “except”, “potential”, “anticipate”, “believe”, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook”, or the negative thereof or other similar expressions concerning matters that are not historical facts. Examples of such statements within this news release include but are not limited to the expectation that SNDL will provide the Company with the resources required to manufacture and market vape cartridges; the anticipated demand for vape cartridges; and the ability of the Company to produce vape cartridges and obtain any or all required regulatory approvals.
Forward-looking information is based on current expectations, assumptions, estimates, forecasts, projections, analysis and opinions of management made considering its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. The material factors and assumptions used to develop the forward-looking information contained in this news release include, but are not limited to: regulatory requirements being obtained and maintained; general business, economic and political conditions; the Company’s ability to successfully execute its plans and intentions; the availability of financing on reasonable terms; the Company’s ability to attract and retain skilled staff; market competition; the products and technology offered by competitors; and that good relationships with service providers and other third parties will be established and maintained.
Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information, including, without limitation the Company’s limited operating history; negative cash flow; financial position and results of operations differing materially from expectations; the expectation of incurring future losses and never becoming profitable; requiring additional capital to continue operations; reliance on the third-party service providers; strong competition from competitors; regulatory changes that may adversely affect the Company; and other risk factors described in the Company’s regulatory filings. Accordingly, readers should not place undue reliance on any such forward-looking information. Further, any forward-looking information speaks only as of the date on which such statement is made. New factors emerge from time to time, and it is not possible for the Company’s management to predict all such factors and to assess in advance the impact of each such factor on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking information. The Company does not undertake any obligation to update any forward-looking information to reflect information or events after the date on which it is made or to reflect the occurrence of unanticipated events, except as required by law, including securities laws.
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