HYTN Cannabis Inc., a wholly owned subsidiary of HYTN Innovations Inc. HYTN, has been awarded a Controlled Drugs and Substances Dealer’s License by Health Canada allowing for the sale, possession, production, assembly and transportation of psilocybin, a naturally occurring psychedelic prodrug compound produced by a number of fungi.
“This is a considerable achievement,” stated Elliot McKerr, HYTN CEO. “The emerging regulated psychedelics market is taking form and we have seen considerable interest from researchers, physicians, and potential pharmaceutical partners in obtaining products containing psilocybin. We believe this license, combined with the intellectual property that HYTN possesses in formulating and manufacturing cannabis products, ensures HYTN is well-positioned for future growth driven by increasing access to psilocybin in Canada and around the world. Anticipating the evolving landscape of controlled substance access is paramount to ensuring HYTN is at the forefront of product development and future revenue opportunities.”
Under the license, the company may possess up to 300 grams of psilocybin or its equivalent in biomass at any time and can sell or transfer extracted material or final drug products to other licensed dealers or authorized markets outside of Canada. HYTN intends to begin researching and developing psilocybin-based products that complement its current offerings of cannabis beverages and edibles.
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