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Nutritional High Delighted by Grant of Conditional Approval of Green Therapeutics’ Dispensary License in Nevada
TORONTO, Dec. 07, 2018 (GLOBE NEWSWIRE) -- Nutritional High International Inc. ("Nutritional High" or the "Company") (CSE: EAT, OTCQB: SPLIF, FRANKFURT: 2NU) is pleased to announce that the Nevada-based Green Therapeutics LLC ("Green Therapeutics") has successfully received conditional approval from the State of Nevada Department of Taxation, giving approval and granting Green Therapeutics a retail marijuana store license (the "License") allowing it to operate a retail marijuana store within the Douglas County. The License is considered conditional, subject to all applicable local and State government requirements.
As announced in the Company’s press release dated October 1, 2018, Nutritional High has entered into definitive agreements to acquire 75% of Green Therapeutics along with a put and call option to buy the remaining 25% interest (the "Acquisition"). The closing of the Acquisition is pending local and State regulatory approval. The granting of the License effectively provides Green Therapeutics additional opportunities in revenue growth and bodes well for further business expansion across the State.
Green Therapeutics has each of two fully licensed grow and extraction facilities in North Las Vegas and Clark County area and is the midst of building out a larger state of the art grow and extraction facility to accommodate the company’s plans for growth and expansion. They produce and sell cannabis flower and manufactured cannabis products to a number of Nevada dispensaries. In addition to producing and selling cannabis flower, Green Therapeutics manufactures dabs, vape pens, cartridges, oral sprays, topical creams, as well as pre-rolls. Nutritional High has been working closely with Green Therapeutics to fund its expansion and growth of Tsunami and Provisions product lines in Nevada. The Company is working with Green Therapeutics to launch its FLÏ™-branded edibles to the wider Nevada market.
“The Nevada market is a priority for Nutritional High,” commented Jim Frazier, CEO of Nutritional High, “We are very pleased with Green Therapeutics’ success in receiving the conditional approval, especially given that it was a competitive process with few but established retailers winning multiple licenses. This further demonstrates that the Green Therapeutics team can compete with other market leaders.”
About Nutritional High International Inc.
Nutritional High is focused on developing, manufacturing and distributing products under recognized brands in the cannabis products industry, with a specific focus on edibles and oil extracts for medical and adult recreational use. The Company works exclusively with licensed facilities in jurisdictions where such activity is permitted and regulated by state law.
The Company follows a vertically integrated model with a fully developed strategy for acquisitions in extraction, production, sales, and distribution sectors of the cannabis industry. Nutritional High has brought its flagship FLÏ™ edibles and extracts product line from production to market through its wholly owned subsidiaries in California and Oregon, as well as Colorado where its FLÏ™ products are manufactured by a third-party licensed producer. In California, the Company distributes its products and products manufactured by other leading producers through its distributor Calyx Brands Inc. and is entering the Nevada, Washington State and Canadian markets in the near future.
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:
Co-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.
Forward-looking statements or information contained in this release include, but are not limited to, statements or information with respect to: the granting of conditional licensing by the State of Nevada, including statements or information with respect to our expectation as to future financial and operating performance, including expected production and our strategy, plans, goals and related timelines and schedules.
The 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. Some of the risks and other factors that could cause actual results to differ materially from those expressed in forward-looking information expressed in this press release include, but are not limited to: obtaining and maintaining regulatory approvals including acquiring and renewing U.S. state, local or other licenses, the uncertainty of existing protection from U.S. federal or other prosecution, regulatory or political change such as changes in applicable laws and regulations, including U.S. state-law legalization, market and general economic conditions of the cannabis sector or otherwise.
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