Nutritional high announces entering into agreements to acquire producer and processor licenses in Henderson, Nevada
Toronto, Ontario – Nutritional High International Inc. (the “Company” or “Nutritional High”) (CSE: EAT, 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.
Nutritional High International Inc.
77 King Street West, Suite 2905 Toronto, ON M5K 1H1
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.
For further information, please contact:
David Posner, Chairman of the Board
Nutritional High International Inc. 647-985-6727
Boom Capital Markets Inc.
Email: firstname.lastname@example.org www.boomcapitalmarkets.com
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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.
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