Drinks-focused Canadian producer HYTN Innovations Inc. (CSE: HYTN) says it’s sold its first cannabis flower destined for Australia’s medical market.
According to a statement Wednesday, the product will be sold under the company’s supply agreement with TCann Pty Ltd. No details on the size of the transaction were provided.
As a part of the procurement process over the past year, COO Hason Broome says HTYN was struck by the lack of quality and consistency of dried cannabis in the country, and has built relationships with cultivators as a result.
“Leveraging our partnerships and our licensed manufacturing facility, we have entered the dry flower space and executed on procuring, drying, curing and exporting dry flower and obtaining the necessary licences to do so.”
The flower will be sold alongside the firm’s four cannabis drinks, which started selling in February though a deal with Promethean BioPharma.
TCann and Promethean CEO Peter Comerford says the input material will be manufactured into finished goods and released for supply under his company’s GMP licence, as well as its domestic manufacturing and wholesale licence, starting this week.
HYTN CEO Elliot McKerr notes the partnership with TCann demonstrates his firm’s commitment to growing revenue through an innovative approach to cannabis manufacturing.
“The best inputs ensure a superior product experience and result in HYTN’s products having consistent and delicious outputs,” he says.
In its fourth quarter ended Dec. 31, the company reported its first sales of $212,000 and a net loss of $482,000.
Company stock fell 23 per cent Wednesday to $0.24 on the Canadian Securities Exchange.