Nutritional High Announces Closing of the Sale of Membership Interest of Illinois Dispensary
TORONTO, Oct. 30, 2018 (GLOBE NEWSWIRE) — Nutritional High International Inc. (the “Company” or “Nutritional High“) (CSE: EAT, OTCQB: SPLIF, FRANKFURT:2NU) is pleased to announce the closing of the previously announced sale (the “Transaction“) of its fifty percent (50%) membership interest (the “Membership Interest”) in Illinois-based NH Medicinal Dispensaries, LLC to ILDISP LLC, GTI-Clinic Illinois Holdings, LLC, a subsidiary of Green Thumb Industries Inc. and Ataraxia, LLC for an aggregate purchase price of USD$3,500,000.
The net proceeds of the Transaction will be used by the Company towards expanding the business operations in California, Nevada, Oregon and Washington. Nutritional High expects to:
- expand production and launch new products in Oregon and California; and
- fund growth and expansion of Nevada-based Green Therapeutics LLC (“Green Therapeutics”) while the Company awaits regulatory approval to close the acquisition of Green Therapeutics.
“We are pleased to finalize the sale of our Membership Interest in the Effingham dispensary at a considerable gain, and redeploy the funds in California, Nevada and the US West Coast that we consider strategically important to our business as these markets rapidly evolve and grow,” commented Nutritional High’s Chief Executive Officer Jim Frazier. “While we still believe that Illinois market has great potential for growth and will explore ways of entering the market in the future, we want to focus our efforts to ensure we continue to advance to rapidly increase market share in the western US.”