TORONTO, ONTARIO – 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 entered into definitive agreements (the “Agreements“) to acquire (the “Acquisition“) provisional producer and processor licenses (the “Licenses“) in Henderson, Nevada and a real estate property (the “Property“) to which the Licenses are attached.
Jim Frazier, CEO of Nutritional High commented: “We are pleased to announce the acquisition of these licenses as our debut into South West United States. The recent passage of Question 2 has legalized cannabis for recreational use more than doubled the size of the cannabis market in the State of Nevada. We are excited to stake our claim. We also note the potential synergies that this opportunity presents given our partnership with Aura Health, which currently operates a medical marijuana clinic in Las Vegas.”
Terms of the Acquisition
As consideration for the Acquisition, the Company shall pay the vendor (the “Vendor“) US$1,000,000, US$800,000 of which is payable in cash, and US$200,000 of which, at the Vendor’s option, is payable in cash or by the issuance of 1,176,470 common shares of the Company (the “Common Shares“) at a deemed price of US$0.17 per Common Share. The Company has advanced US$100,000 as a deposit for the Acquisition, with the balance of consideration payable upon closing.
The Agreements also provide for an acquisition of the Property in consideration of US$1.6 million. A refundable deposit of US$160,000 is payable no later than February 21, 2017 and the balance to be paid within 60 days of the date of the Agreements.
About the Property
The Property is located in South East Henderson, and is comprised of five acres of vacant land. The Vendor has also received a conditional use permit for the Property from the City of Henderson to establish a medical marijuana establishments to be used for infusion/manufacturing and cultivation. As a part of the Acquisition, the Company has also acquired the architectural plans and vendor relationships, which would be used to construct a state of art 40,000 square foot facility that will cultivate cannabis and manufacture cannabis-infused products.
As Nutritional High’s mandate is the focus on oils and edibles, it is intended that the right and costs under the cultivation license will be farmed out to a third party, with a cultivation-specific mandate.
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.