Nutritional High Announces Strategic Acquisition of Leading Cannabis Distributor in California
TORONTO, Nov. 07, 2017 (GLOBE NEWSWIRE) — Nutritional High International Inc. (the “Company” or “Nutritional High“) (CSE:EAT) (OTCQB:SPLIF) (FRANKFURT:2NU) is pleased to announce that is has entered into a letter of intent (“LOI”) to acquire a 100% interest in Calyx Brands Inc. (“Calyx”), a California based distributor actively engaged in distributing cannabis products to legal dispensaries in California.
Calyx is a leading distributor of cannabis products throughout California and is conditionally approved for a Distributor and Transporter Permit issued by the City of Oakland. Through its distribution operation, Calyx serves as the link between producers and retailers in California’s burgeoning medical cannabis markets and will be able to transition quickly to serve the needs of the adult-use cannabis market. Calyx also operates a digital platform, which gathers strategic data on brand performance at the retail level and serves as a reporting system providing real-time insight into how brands can better help meet the needs of dispensaries in their target area.
Jim Frazier, CEO of Nutritional High commented – “In acquiring Caylx, we will work with their team to build their product offering and distribution channels as California adopts recreational adult use cannabis in the new-year. As our Sacramento facility comes on-line in 2018, we expect Calyx to provide a strategic platform which will afford us the ability to come in on day one and begin moving FLI branded products through an established sales channel with broad reach into dispensaries up and down the California coast.
“Developing superior distribution channels will be a key competitive advantage for FLI as it will allow us to accelerate sales, establish our brand and capture market share in the largest legal cannabis market in the world,” added Mr. Frazier. “We are also looking forward to working through the due diligence process and integrating the Calyx team into our operations across North America.”
Dakota Sullivan, CEO of Calyx commented – “Nutritional High is partnering with Calyx Brands at exactly the right time. There are strong synergies between their national expansion plan and our California distribution infrastructure, data and experienced sales organization. In just six months between March and August, 2017, medical cannabis sales in California surpassed total sales for medical and recreational cannabis in Colorado for the entire year ending July 2017. By launching Nutritional High products in California in addition to the other premium brands we represent, we look forward to making Nutritional High a lead player in the next chapter of explosive growth that begins in January with the opening of recreational stores.”
Bowman/Hanson Mergers and Acquisition Services served as exclusive financial advisor to Nutritional High International, Inc. in the transaction.
Bowman/Hanson is a San Francisco based investment bank providing sell-side and buy-side advisory services to market leading cannabis companies. For further information visit our website at www.bowmanhanson.com or contact Kris Karlson at email@example.com