Leading cannabis drinks producer HYTN Innovations Inc. (CSE: HYTN) has received permission to start selling psilocybin and is set to join the emerging psychedelics market beginning to take form.
On Monday, the company announced it has received a Controlled Drugs and Substances Dealer’s Licence from Health Canada allowing for the sale, possession, production, assembly and transportation of psilocybin.
Under the licence, HYTN can possess up to 300 grams of psilocybin or its equivalent in biomass at any time and can sell extracted material or final drug products to other licenced dealers or authorized markets outside of Canada.
The company said it intends to begin researching and developing psilocybin-based products to complement its current pot drinks and edibles portfolio.
HYTN had several license amendments such as a standard processing license and its amendment for sale. It also received a cannabis research license, a standard cultivation license and a medical sales license.
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“This is a considerable achievement,” HYTN CEO Elliot McKerr said.
“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.”
McKerr added that the company believes the license combined with the intellectual property that HYTN has 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 COO Jason Broome added the license further demonstrates HYTN’s sophisticated operational capacity and the strength of the company’s 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,” said Broome.
