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HYTN Innovations Inc., (CSE: HYTN), acquired Prism Scientific Labs Inc. in a stock-only deal for approximately $242,000

According to a report on business acquisitions filed by the firm, the Vancouver-based company bought all outstanding Prism Scientific shares on July 16, in exchange for 12,1 million HYTN. The deal also includes a contingent payment arrangement whereby HYTN will pay $30,000 more and issue 100,000 additional shares if certain milestones by June 2025 are met.

The acquisition gives HYTN exclusive rights to Prism’s intellectual property, including a key license for technology used in growing psilocybin-containing mushrooms.

The licensed technology was originally developed by Lux Sit Systems Inc. and is currently being reviewed for patent. HYTN has already started using the technology in its facility in Kelowna. On the company’s site, it is described as a “right-sized facility with GMP licence for innovative and scaleable manufacturing.”

HYTN offers GMP services for cannabis processing and produces a variety of cannabis consumer packaged products for the medical and recreational markets.

The company has previously stated its existing product line You can also read about Cannabis-infused sparkling drinks that feature the “elevation” technology, which creates tiny droplets of active ingredient that can improve the body’s ability to absorb substances.

HYTN has also been granted a Drug Establishment License In June, Health Canada has granted the company permission to manufacture pharmaceutical grade compounds.

The move builds on HYTN’s earlier foray The cultivation of cannabis was the beginning of the psychedelics. psilocybin Mushrooms in 2023 with a Health Canada Dealer’s License

The company has been promoting “elevated GMP Manufacturing” and “GMP Manufacturing of pharma-quality Psychoactive and Psychotropic Compounds” on Its website. It claims to allow “global access to non-sterile pharmaceuticals.”

Prism filed documents showing a net loss for the year ending 30 June 2024 of $63,473, with cash reserves of 182,808.

The company stated in its filings that it is uncertain about its ability continue as a business.