VANCOUVER, British Columbia, Sept. 29, 2022 (GLOBE NEWSWIRE) -- HYTN Innovations Inc. (“HYTN” or the “Company”) (CSE: HYTN) is pleased to announce that its wholly owned subsidiary, HYTN Cannabis Inc., has entered into a manufacturing agreement (the “Agreement”) with Tricanna Industries Inc. (“Tricanna”), a leading supplier of pre-rolled cannabis products. The Agreement leverages HYTN’s sales license, industry leading operational and quality management systems and extensive vendor relationships, opening new sales channels for Tricanna’s premium cannabis pre-rolls to provincial and territorial distributors and creating incremental revenue for the Company.
Elliot McKerr, HYTN Chief Executive Officer, states “Along with producing consistent, natural and delicious cannabis products for the Canadian market, the automated quality and operating systems in our world class facility provide opportunities to capture significant business to business revenue by simply leveraging the efficiencies they bring. This agreement aligns us with a great pre-roll partner and we are excited to work with Tricanna to deliver pre-rolls to the Canadian market.”
The Company notes that it has achieved vendor qualification in all major Canadian markets for Tricanna’s products. Jason Broome, HYTN Chief Operating Officer, commented “The fractured nature of selling cannabis in Canada lends itself to these types of partnerships, as it is challenging, costly and extremely time intensive to obtain pan-Canadian vendor qualification status. We are excited to facilitate and enhance market access for local cultivators and processors such as Tricanna.”
Dayna Lange, Tricanna’s Chief Financial Officer, noted that “Tricanna is a profitable privately held company with a focus on processing pre-rolls for our white label brand partners. Market access has been challenging on several fronts and a partnership to bridge licencing and vendor qualification gaps has been a priority for our company. We are excited to work with the HYTN team to grow our already successful position within the large and growing pre-roll market segment.”
Pursuant to the agreement, all revenue from orders of pre-rolled cannabis products will flow through HYTN, with the Company retaining a percentage of the net sales price. The Company notes that it has also received its first order for an infused cannabis extract pre-roll from the Ontario Cannabis Store, which it anticipates filling in October of this year.
About HYTN Innovations Inc.
HYTN formulates, manufactures, markets, and sells premium cannabis goods. With the mission to be the leading provider of consistent, natural, and delicious cannabis products, HYTN focuses its efforts on identifying category opportunities and takes an innovative approach to delivering elevated cannabis experiences to a discerning customer base.
Please visit www.hytn.life for more information or contact:
Chief Executive Officer
HYTN Investor Relations
The Canadian Securities Exchange (CSE) has not reviewed, approved, or disapproved the contents of this press release.
Certain information contained herein may constitute forward-looking statements that involve risks and uncertainties. Readers are cautioned not to place undue reliance on forward-looking statements, including, but not limited to, statements regarding: (i) the partnership with Tricanna opening new sales channels for Tricanna’s pre-rolls and creating incremental revenue for the Company; (ii) the method by which the Company will earn revenue on products sold on behalf of Tricanna; and (iii) the timing of fulfillment for the Company’s first order for an infused cannabis extract pre-roll. Factors that could cause actual results to vary from forward-looking statements or may affect the operations, performance, development and results of the Company’s business include, among other things: the Company’s ability to generate sufficient cash flow from operations to meet its current and future obligations; the Company’s ability to access sources of debt and equity capital; competitive factors, pricing pressures and supply and demand in the Company’s industry; general economic and business conditions; and the effects and impacts of the COVID-19 pandemic, the extent and duration of which are uncertain at this time, on the Company’s business and general economic and business conditions and markets. Any statements that are not statements of historical fact are deemed to be forward-looking statements. The forward-looking statements contained in this news release are made as of the date of this news release, and, except to the extent required by applicable law, the Company assumes no obligation to update or revise forward-looking statements made herein or otherwise, whether as a result of new information, future events, or otherwise. The forward-looking statements contained in this news release are expressly qualified by this cautionary note.