HYTN moves ahead with flurry of changes
Published on March 11, 2022 by oz. staff
Kelowna-based cannabis beverage company HYTN is restructuring and moving forward after a key partnership abruptly ended last year.
In a flurry of news releases, HYTN Innovations announced the completion of a reverse take-over, Health Canada licence amendment, and change of stock listing.
HYTN, which produces cannabis beverages, appears to have bounced back since a key agreement with Emerald Health Therapeutics fell through last year. Emerald announced in November it was winding down all of its cannabis related activities—including its partnership with HYTN—after losing more than $200 million.
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HYTN was delisted from the TSX Venture Exchange and is now trading on the Canadian Securities Exchange after a reverse takeover transaction.
While national sales of HYTN’s drinks had already begun through its agreement with Emerald, HYTN had to pivot. Health Canada has since awarded HYTN a licence amendment to sell its products to provincially and territorially authorized retailers.
The company’s cannabis infused sparkling water drinks have been moving again, with HYTN’s unaudited Q1 results showing total sales of $212,581.
“Emerald’s decision to pivot out of cannabis accelerated our plan and timeline to achieve the License Amendment. We are now well positioned to recapture the 13.5% margin contribution previously associated with our agreement with Emerald,” says HYTN’s CEO Elliot McKerr in a statement.