TORONTO, ONTARIO–(Marketwired – July 5, 2016) – Nutritional High International Inc. (the “Company” or “Nutritional High“) (CSE:EAT)(OTCQB:SPLIF)(FRANKFURT:2NU) welcomes the progress of passing Amendment 3 to Senate Bill 10 in Illinois.
This measure extends the state’s medical cannabis pilot program by an additional 2 1/2 years, to July 1, 2020, and expands the list of qualifying conditions, to include post-traumatic stress disorder (“PTSD“). PTSD is the only medical condition that was approved for a research study by the US Drug Enforcement Administration (“DEA“) in context of medical cannabis.
Also as part of the legislative change, in order for a patient to receive their medical marijuana card, their doctor must no longer “recommend” the use of cannabis. Instead, their doctor must simply certify that a legitimate doctor-patient relationship exists, and that the patient in question has a qualifying condition. This change is expected to improve access for patients in the State.
These changes provide for improved access to medical cannabis in the State of Illinois and in the Company’s view expands the potential patient base, further improving the fundamentals of the Company’s business prospects in the State.
David Posner, CEO of Nutritional High commented – “This development has a positive impact on operations of our dispensary, especially in light of the Effingham move. We look forward to commencing operations in the near future.”
Illinois Market Update
According to the statistics published by the State of Illinois, as of early June, Illinois had 7,000 qualifying patients, including 52 people under the age of 18, and 9,200 who submitted a complete application. There are currently 37 dispensaries which are permitted to sell medical cannabis to qualified patients.
Joseph Wright, former program coordinator for the Illinois Medical Cannabis Pilot Program, announced that registered dispensaries logged nearly $2.3 million in sales for the month of May, which is a slight increase from April’s sales total of $2.2 million. This totals an average of just over $60,000 of retail sale per location, which according to Company’s internal analysis is above the break even. The Company believes this signals the normalization of the market conditions in the State.
According to the Associated Press and other sources, since the program’s launch on November 9, 2015, retail sales in Illinois have totaled $10.8 million.
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.
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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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