TORONTO, Ontario, Jan. 17, 2018 (GLOBE NEWSWIRE) -- Nutritional High International Inc. (the "Company" or "Nutritional High") (CSE:EAT) (OTC:SPLIF) (FRANKFURT:2NU), is pleased to announce an update regarding the roll-out of Nutritional High's products in California.
The sales of FLI-branded cartridges continue to expand in the California market and the Company is pleased to report that the following six new dispensaries began carrying FLI vape cartridges: West Coast Cannabis Club in Cathedral City, CA; Vista Wellness Center in Vista, CA; Tranquility Health Collective in Garden Grove, CA; Cam 420 in Long Beach, CA; The Kush Outlet in Covina, CA; and Unity of ONAC in Irvine, CA.
The continued success in expanding product distribution to licensed retail stores is due to Calyx Brands Inc.'s strong reach and network in the California market. As the sales continue to accelerate, we invite our followers to check out https://weedmaps.com/brands/fli/map to see which stores carry FLI-branded products.
Jim Frazier, CEO of Nutritional High, commented: "We continue to be impressed with robust growth of the legal cannabis market in California and are glad to continue to expand our footprint. We aim for FLI to become a premium brand that is appreciated by cannabis aficionados which has the same standard of quality across every jurisdiction where the Company operates. We also thank our partner Calyx in helping us facilitate this growth and look forward to continue working with them as we introduce new product SKUs."
Under the provisions of Medicinal and Adult-Use Cannabis Regulation and Safety Act ("MAUCRSA"), which has taken effect on January 1, 2018, companies that are involved in cultivation, manufacturing, distribution and retailing of cannabis products must hold a valid license that is issued by requisite local municipal authorities and a temporary license issued by California Bureau of Cannabis Control. As disclosed in the press releases dated December 20 and December 27, the Company's FLI-branded products are manufactured by a company in the San Francisco Bay area ("CA Manufacturer"), and are sold to licensed dispensaries by Calyx, both of which have demonstrated requisite compliance with local municipal and state regulations. At this time, the Company has entered into intellectual property and a supply agreement to provide non-cannabis materials to the CA Manufacturer to allow them to manufacture FLI-branded products. The products are then sold to Calyx which distributes the products to licensed dispensaries in California.
Stock Option Grants and Share Issuances
The Company has issued an aggregate of 178,571 common shares of the Company ("Common Shares") at a deemed issuance price of $0.42 per share in consideration for consulting services. In addition, the Company has issued 150,000 Common Shares to an employee pursuant to an employment agreement and granted 500,000 options to purchase Common Shares, each of which is exercisable at $0.58 per Common Share, and vesting 1/3 per year on each of the next three anniversaries of the grant date.
About Nutritional High International Inc.
Nutritional High is focused on developing, manufacturing and distributing premium and consistently dosed products in the cannabis-infused products industry, 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.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR OTC MARKETS GROUP INC., NOR THEIR REGULATIONS SERVICES PROVIDERS HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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.
Company's securities have not been registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or applicable state securities laws, and may not be offered or sold to, or for the account or benefit of, persons in the United States or "U.S. Persons", as such term is defined in Regulation S under the U.S. Securities Act, absent registration or an applicable exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or any jurisdiction in which such offer, solicitation or sale would be unlawful.
Additionally, there are known and unknown risk factors which could cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.