Pharmaceutical company focused on cannabinoids and psilocybin products, HYTN Innovations Inc. (OTCPK:HYTNF), partnered with 4C LABS, an importer and distributor of cannabis-based pharmaceuticals in the United Kingdom. The British Columbia-based company said this collaboration will enable the manufacturing of cannabis products in bulk and final packaged forms for distribution in the UK and other global markets.

Under this partnership, HYTN will act as producer, packager and exporter of pharmaceutical quality cannabis products that 4C LABS can acquire and import and distribute into the UK. HYTN has a Health Canada's Good Manufacturing Practice (GMP) license and a PIC/S certification from Australia's Therapeutic Goods Administration (TGA) which allows for its products to meet the European and Australian standards.

"This partnership validates the ongoing regulatory work HYTN has been undertaking," stated Elliot McKerr, chief executive officer of HYTN. "By integrating 4C Labs' deep understanding of cannabis procurement and consumer demand with our advanced GMP-certified manufacturing processes, we are well-positioned to deliver high quality cannabis products to international markets. This collaboration not only highlights our commitment to expanding the company's global presence but also marks a significant milestone in HYTN's advancement into non-sterile pharmaceutical production."

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HYTN plans to manufacture new products for 4C LABS while also serving as a co-manufacturing center for the production of existing products currently produced at various locations, with the aim of enhancing operational efficiency for both companies. The agreements do not provide for a fixed, mandatory or minimum order by 4C LABS.

Greg Dobbin, chief executive officer of 4C LABS, added, "Partnering with HYTN provides us with a significant competitive advantage. HYTN's proximity to high quality Canadian cannabis flower, coupled with their rigorous adherence to GMP standards and innovative manufacturing platform, will allow us to work towards delivering top quality products and competitive pricing to our customers."

Read Also: Decibel Reports 400% Dried Flower Market Growth And Expansion To UK, Australia, Israel And Germany

Exploring Other Global Opportunities

While the initial focus of this partnership is to supply products to the UK market, both companies recognize substantial growth opportunities in Germany and Australia. The German medical cannabis market is rapidly emerging as one of Europe's largest, with an estimated value of CAD $2 billion ($1.47 billion).

The Australian market, valued at over AUD $200 million ($133 million) in 2022, also continues to expand. As these markets require GMP-certified production and distribution, both firms have identified this partnership as providing the necessary framework to support global expansion.

Price Action

HYTN shares closed Tuesday's market session flat at $0.2 per share.

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