Canadian Pharma Company HYTN Inks Deal To Supply Medical Marijuana To UK, Eyes Germany And Australia Expansion

Zinger Key Points
  • HYTN Innovations partnered with 4C LABS, an importer and distributor of cannabis-based pharmaceuticals in the UK.
  • Under this partnership, HYTN will act as producer, packager and exporter of pharmaceutical quality cannabis products.
  • Both companies recognize substantial growth opportunities in Germany and Australia.

Pharmaceutical company focused on cannabinoids and psilocybin products, HYTN Innovations Inc. HYTNF, partnered with 4C LABS, an importer and distributor of cannabis-based pharmaceuticals in the United Kingdom. The British Columbia-based company said this collaboration will enable the manufacturing of cannabis products in bulk and final packaged forms for distribution in the UK and other global markets.

Under this partnership, HYTN will act as producer, packager and exporter of pharmaceutical quality cannabis products that 4C LABS can acquire and import and distribute into the UK. HYTN has a Health Canada's Good Manufacturing Practice (GMP) license and a PIC/S certification from Australia's Therapeutic Goods Administration (TGA) which allows for its products to meet the European and Australian standards.

"This partnership validates the ongoing regulatory work HYTN has been undertaking," stated Elliot McKerr, chief executive officer of HYTN. "By integrating 4C Labs' deep understanding of cannabis procurement and consumer demand with our advanced GMP-certified manufacturing processes, we are well-positioned to deliver high quality cannabis products to international markets. This collaboration not only highlights our commitment to expanding the company’s global presence but also marks a significant milestone in HYTN’s advancement into non-sterile pharmaceutical production."

  • Get Benzinga's exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter here. If you're serious about the business, you can't afford to miss out.

HYTN plans to manufacture new products for 4C LABS while also serving as a co-manufacturing center for the production of existing products currently produced at various locations, with the aim of enhancing operational efficiency for both companies. The agreements do not provide for a fixed, mandatory or minimum order by 4C LABS.

Greg Dobbin, chief executive officer of 4C LABS, added, "Partnering with HYTN provides us with a significant competitive advantage. HYTN's proximity to high quality Canadian cannabis flower, coupled with their rigorous adherence to GMP standards and innovative manufacturing platform, will allow us to work towards delivering top quality products and competitive pricing to our customers."


Read Also: Decibel Reports 400% Dried Flower Market Growth And Expansion To UK, Australia, Israel And Germany

Exploring Other Global Opportunities

While the initial focus of this partnership is to supply products to the UK market, both companies recognize substantial growth opportunities in Germany and Australia. The German medical cannabis market is rapidly emerging as one of Europe's largest, with an estimated value of CAD $2 billion ($1.47 billion).

The Australian market, valued at over AUD $200 million ($133 million) in 2022, also continues to expand. As these markets require GMP-certified production and distribution, both firms have identified this partnership as providing the necessary framework to support global expansion.

Price Action

HYTN shares closed Tuesday's market session flat at $0.2 per share.

Read Next:

Photo: Courtesy of Bigc Studio via Shutterstock

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: CannabisNews4C LABSElliot McKerrGreg Dobbinpremium
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!
CCC-Oct-24-Banner-1

Click on the image for more info.

Cannabis rescheduling seems to be right around the corner

Want to understand what this means for the future of the industry?

Hear directly for top executives, investors and policymakers at the Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9. 

Get your tickets now before prices surge by following this link.