TORONTO, July 09, 2018 (GLOBE NEWSWIRE) -- Nutritional High International Inc. (the “ Company ” or “ Nutritional High ”) (CSE:EAT) (OTCQB:SPLIF) (FRANKFURT: 2NU ) is pleased to announce that it has signed a definitive agreement for the acquisition of Pasa Verde, a commercial scale cannabis oil extraction and edible facility in Sacrament, California. Pasa Verde produces a number of extract products on a contract manufacturing basis for leading brands and will begin producing Nutritional High's FLÏ™ branded oil and edible products.
From it’s 17,600 square foot facility, Pasa Verde has experience producing, and equipment for both ethanol and CO2 extraction with abundant room for expansion. Plans have been drawn up and submitted to local authorities for an aggressive expansion of the facilities to enable the manufacture of a wide range of edible products.
“We are very pleased to welcome Tony Westfall and his team to the Nutritional High family,” said Jim Frazer CEO of Nutritional High. “We have a number of innovative products we will release in the coming months and years for Calyx to distribute. With Calyx's insight and Pasa Verde's infrastructure and management, we are well placed to ensure that FLÏ™ and other Nutritional High product will have a prominent and leading place in the California market.”
The acquisition of 100% interest in Pasa Verde is expected to close before the end of July 2018 at a purchase price of US$1.65 million, of which $900,000 is payable in Nutritional High shares. The transaction also includes an earn out of up to US$5.3 million depending on growth of the business over the next 2 years. The earn out is contingent on growth targets for 12, 18 and 24 months and is payable half in cash and half in shares on Nutritional High.
About Nutritional High International Inc.
Nutritional High is focused on developing, manufacturing and distributing products under recognized brands in the cannabis products industry, with a specific focus on edibles and oil extracts for medical and adult recreational use. The Company works exclusively through licensed facilities in jurisdictions where such activity is permitted and regulated by state law.
The Company follows a vertically integrated model with a fully developed strategy for acquisitions in extraction, production, sales, and distribution sectors of the cannabis industry. Nutritional High has brought its flagship FLÏ™ edibles and extracts product line from production to market in California through its wholly owned distributor Calyx Brands Inc., and Colorado where its products are manufactured by a licensed producer. The Company also owns a 50% interest in The Clinic Effingham (an Illinois dispensary), and is entering the Nevada, Washington State, Oregon and Canadian markets in the near future.
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 contains 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. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, ”scheduled”, “estimated”, “forecasts”, “intends”, “anticipates” or “does not anticipate:, “believes”, “may have implications” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, or “will be taken”, “occur”, or “be achieved”.
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.
