TORONTO, ONTARIO--(Marketwired - April 12, 2017) - Nutritional High International Inc. (the "Company" or "Nutritional High") (CSE:EAT)(CSE:EAT.CN)(OTCQB:SPLIF)(FRANKFURT:2NU) is pleased to announce that it has received consent from the State of Nevada Department of Health and Human Services ("Department") to transfer the provisional producer and processor licenses (the "Licenses") in Henderson, Nevada to Nutritional High. The Company is currently awaiting an approval from the City of Henderson for the transfer of the business licenses ("Business License") that underlie the provisional Licenses issued by the Department. The acquisition of the Licenses by the Company will be completed once the Company has received the final approval for the Business License Transfer from the City.
The Company also intends to move the location of the medical marijuana establishment ("MME") to another location in the City of Henderson and has applied to the City to approve such relocation. The new location is comprised of a 17,500 square foot freestanding industrial building, with approximately 15,500 of warehouse space (the "Property"). It is intended that Nutritional High will remodel a portion of the building for the purpose of developing an extraction and marijuana infused products manufacturing facility, using the same technology and processes that it has developed in Pueblo, CO. It is also intended that a portion of the building will be acquired by Lakeside Minerals Inc., with a view of constructing a cultivation facility, as announced in a joint press release dated February 28, 2017. Upon receiving approval from the City of Henderson for both the transfer of the Business Licenses to Nutritional High and the moving of the MME location, the Company will seek approval from the Department to move the location.
The key terms of the purchase of the Property are as follows:
- Purchase Price of US$2.31 million with a deposit of US$100,000 payable on signing of the purchase and sale agreement;
- Escrow to close on or before May 31, 2017;
- Closing is conditional on the approval of the Department to relocate the Licenses;
- If the acquisition is not closed prior to July 1, 2017, the Purchase Price is subject to escalating increases up to $2.4 million with a drop dead date of September 1, 2017;
"We are pleased with the rapid progress being made on the regulatory front and we look forward to accelerating our timing to market with our new facility," stated Nutritional High CEO Jim Frazier. "We look forward to applying the lessons learned from the establishment of the Pueblo, CO, facility, to roll out products - oil and edibles - to the Las Vegas market, and later, throughout Nevada. We believe that Las Vegas and Nevada in general will develop into an important market for our products, especially as recreational adult use is implemented in the coming months."
While the Company believes the relocation will be approved, the Company is maintaining an option to purchase the property to which the Licenses are currently attached. To this effect, the Company has extended the closing date with the vendor of the owner of the current location in order to mitigate potential risks relating to relocating the MME.
About Nutritional High International Inc.
Nutritional High is focused on developing, manufacturing and distributing products and nationally recognized brands in the hemp and marijuana-infused products industries, including edibles and oil extracts for nutritional, medical and adult recreational use. The Company works exclusively through licensed facilities in jurisdictions where such activity is permitted and regulated by state law.
For updates on the Company's activities and highlights of the Company's press releases and other media coverage, please follow Nutritional High on Facebook, Twitter, Instagram and Google+ or visit www.nutritionalhigh.com.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR OTC MARKETS GROUP INC., NOR THEIR REGULATIONS SERVICES PROVIDERS HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This news release may contain forward-looking statements and information based on current expectations. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Such statements include submission of the relevant documentation within the required timeframe and to the satisfaction of the relevant regulators, completing the acquisition of the applicable real estate and raising sufficient financing to complete the Company's business strategy. There is no certainty that any of these events will occur. Although such statements are based on management's reasonable assumptions, there can be no assurance that such assumptions will prove to be correct. We assume no responsibility to update or revise them to reflect new events or circumstances.
Company's securities have not been registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or applicable state securities laws, and may not be offered or sold to, or for the account or benefit of, persons in the United States or "U.S. Persons", as such term is defined in Regulation S under the U.S. Securities Act, absent registration or an applicable exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or any jurisdiction in which such offer, solicitation or sale would be unlawful.
Additionally, there are known and unknown risk factors which could cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.