Nutritional High International Inc (C:EAT)
Shares Issued 239,459,216
Last Close 1/24/2017 $0.22
Wednesday January 25 2017 – News Release
Mr. Jim Frazier reports
NUTRITIONAL HIGH ANNOUNCES ENTERING INTO AGREEMENTS TO ACQUIRE PRODUCER AND PROCESSOR LICENSES IN HENDERSON, NEVADA
Nutritional High International Inc. has entered into definitive agreements to acquire provisional producer and processor licences in Henderson, Nev., and a real estate property to which the licences 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.
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.
We seek Safe Harbor.
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