Connect with us

Hi, what are you looking for?

Monday, May 16, 2022
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Business

HYTN exports cannabis flower to Australia

The firm started selling drinks in the country in February

HYTN exports cannabis flower to Australia
Image via HYTN

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.

Read more: Drinks maker HYTN reports $212K in Q1 revenue

Read more: HYTN starts selling cannabis drinks to Australian patients

 

Follow Mugglehead on Twitter

Like Mugglehead on Facebook

Follow Nick Laba on Twitter

nick@mugglehead.com

Click to comment

Leave a Reply

Your email address will not be published.

You May Also Like

Health and Safety

Science doesn't know yet, but one psychedelic researcher is chasing clues to see if it can

Canada

As more medium-to-small producers came into play this year, great weed started hitting legal shelves at fairer prices

Culture

Punishments for possession include caning and the death penalty. Despite a global trend of reform, The Fine City remains staunch in its anti-drug stance

Analysis

While legal weed businesses decry enforcement of their accounts, the platform says it's keeping its all-ages community safe