TORONTO, May 22, 2018 (GLOBE NEWSWIRE) -- Nutritional High International Inc. (the " Company " or " Nutritional High ") (CSE:EAT) (OTCQB:SPLIF) (FRANKFURT: 2NU ) is pleased to announce the expansion of Calyx Brands, Inc.’s (" Calyx ") presence in Southern California through the purchase of a property in Long Beach (the " Facility "). The Facility will be used as the Southern California distribution hub for the Company's subsidiary Calyx.
The Facility is a 7,000 sq. ft. building, 3,000 of which will be leased to a cannabis testing facility with the balance being utilized by Calyx. The Facility is fully compliant with current local and state cannabis licensing regulations and the Company's management anticipates an expedited licensing process as a result.
Terms of the purchase are as follows (all figures in USD$):
- Total purchase price of $1,900,000;
- $250,000 cash payment to be paid at closing;
- $801,000 to be paid in 3 equal instalments of $267,000, payable 6 months, 12 months, and 18 months from closing, respectively;
- The balance of the purchase price of $800,000 to be carried in a promissory note by the Facility's current owner at an annual rate of 4%, due to mature on or before June 1, 2021. In consideration of the promissory note the Company will make monthly payments of $23,619.19, which will be offset by month lease payments of $13,000 made to the Company by the tenant cannabis testing facility, resulting in a net payment burden of $10,619.19 per month.
Jim Frazier, CEO of Nutritional High, commented, "We are very pleased to announce our expanded infrastructure in Southern California to support the growth of Calyx’s distribution capabilities in this high value market. As we continue to build shareholder value by expanding our footprint, these opportunities are clearly in line with our vision of aggressively capturing market share and building the foundation to control a significant piece of the California cannabis market."
Dakota Sullivan, CEO of Calyx, added, "This additional infrastructure will allow Calyx to further ramp up our Southern California footprint as the market changes rapidly due to the continued roll out of State regulatory efforts. Regulatory change is, as expected, proving to be disruptive to brands, dispensaries and distributors and we will continue our aggressive expansion effort to grow market share.”
About Nutritional High International Inc.
Nutritional High is focused on developing, manufacturing and distributing products and nationally recognized brands in the marijuana-infused products industry, 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 .
For further information, please contact:
David Posner Chairman of the Board Nutritional High International Inc. 647-985-6727 Email: dposner@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. 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.
