A wholly-owned subsidiary of HYTN Innovations Inc., HYTN Cannabis Inc., has received a Controlled Drugs and Substances Dealer’s Licence from Health Canada for the sale of psilocybin.
Cannabis company HYTN Innovations Inc. is breaking into the psychedelics market with its latest licence securement. Currently selling cannabis beverages and edibles, HYTN has stated it intends to begin researching and developing psilocybin-based products.
Its Controlled Drugs and Substances Dealer’s Licence from Health Canada permits HYTN Cannabis to sell, possess, produce, assemble and transport psilocybin.
The development follows the company’s securement of several licenses including a Standard Processing License and its Amendment for Sale, a Cannabis Research License, a Standard Cultivation License and a Medical Sales License (with possession).
The company has stated that the securement of the licence demonstrates its ability to work with regulators to enhance licensed activities within its purpose-built ISO 9001:2015 accredited Kelowna production facility.
HYTN CEO, Elliot McKerr, commented: “This is a considerable achievement. 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.”
HYTN chief operating officer, Jason Broome, added: “This license further demonstrates HYTN’s sophisticated operational capacity and the strength of our well-scaled multi-purpose facility and quality systems.
“We are now able to begin formulating and testing products containing psilocybin. This work will provide a strong foundational competitive advantage, ensuring HYTN is well positioned to service the current clinical trial market and future medical and recreational markets should they open.”
The licence enables the company to 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 authorised markets outside of Canada.
