HYTN Innovations Inc.’s (CSE:HYTN) subsidiary HYTN Cannabis Inc., has awarded a license amendment by Health Canada allowing for the sale of cannabis extract, edible cannabis, and cannabis topical products to provincially and territorially authorized retailers.
National sales of HYTN's cannabis-infused sparkling beverages had already begun through a partnership agreement with Emerald Health Therapeutics Inc. (TSXV:EMH) (OTCQX:EMHTF) (CSE:EMH).
Subsequently, Emerald announced a change in business strategy that would result in the winding down of all cannabis related activities, including its partnership with HYTN.
HYTN's receipt of the license amendment ensures that it can continue to sell its all-natural, sugar and calorie-free sparkling cannabis beverages across Canada.
"Achieving this milestone under a strict timeline was a monumental feat lead by our exceptional operations team," Jason Broome, HYTN's chief operations officer, said. "This amendment coupled with the strong demand we have already seen will allow HYTN to execute on its sales objectives."
"Emerald's decision to pivot out of cannabis accelerated our plan and timeline to achieve the license amendment,” HYTN CEO, Elliot McKerr, commented. “We are now well positioned to recapture the 13.5% margin contribution previously associated with our agreement with Emerald."
The company noted that plans are now in place to ensure a smooth transition for all existing customers.
Photo: Courtesy of Tim Foster on Unsplash
