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TORONTO, ONTARIO -- (Marketwired) -- 02/21/17 -- Nutritional High International Inc. (the "Company" or "Nutritional High") (CSE: EAT)(OTCQB: SPLIF)(FRANKFURT: 2NU) is pleased to provide an update on its acquisition of provisional cultivation and production licenses (the "Licenses") in Henderson, Nevada and a real estate property (the "Property") to which the Licenses are attached.
The Company is submitting a transfer application for the Licenses to the State and has placed a total of $1 million in escrow. The $1 million in escrow will be released to the vendor upon the approval of the transfer of Licenses by the State with the full amount refundable if the license application is not approved.
"We are excited to see our plans in Nevada coming to fruition," commented Nutritional High CEO Jim Frazier. "With the introduction of adult use cannabis converging with the booming tourism industry, we believe our presence in Nevada, and our proximity to Las Vegas will provide us with a strategic advantage."
The Company has also advanced a $160,000 refundable deposit on the property connected to the Licenses and is further developing and refining its build-out plans. At the same time, the Company continues to consider License relocation options, and a final decision on the location will be made on or before March 24, 2017.
While Nutritional High will continue to take steps to expand into the states which have legalized marijuana for medical use with a significant population base, or have potential for legalization for adult recreational use in the near to medium term, it is intended that the cultivation license will be farmed out to a third party, with a cultivation-specific mandate; allowing Nutritional High to continue to provide excellence and stay true to its business plan by focusing on the high margin oil extracts and edibles market.
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.
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.
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.Contacts: Nutritional High International Inc. David Posner Chairman of the Board 647-985-6727 NEXT ARTICLE
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