Nutritional High Negotiates a Seller Take-Back Mortgage for a Property in Illinois and Finalizes Acquisition Agreement
TORONTO, ONTARIO–(Marketwired – Nov. 4, 2015) – Nutritional High International Inc. (the “Company” or “Nutritional High“) (CSE:EAT)(OTCQB:SPLIF) is pleased to provide an update on its efforts to advance its medical cannabis business in the State of Illinois.
The Company wishes to announce that the vendor (“Vendor“) of the real estate property in Lawrenceville, Illinois (“Lawrenceville Property“) where the Company’s dispensary will be located has agreed to provide a seller take-back mortgage (“Mortgage“) in the amount of USD $250,000. The Mortgage will have a 15 year amortization period, bearing an interest at the rate of 6% and be due in two years from the date of issuance as a balloon payment. The acquisition price for the Lawrenceville Property is USD $350,000 and the Company expects to close the acquisition on or before November 20, 2015.
David Posner, CEO of Nutritional High reports – “Our Lawrenceville location will be the only medical marijuana dispensary within a 100 mile radius and will service a significant population catchment. Furthermore, our foothold in Lawrenceville will allow us to have regular front line contact with patients which will provide valuable market intelligence. We expect that our Lawrenceville presence will be a first step toward developing relationships with Illinois licensed producers to make our oils and edible products available to patients throughout Illinois.”
As previously announced, NH Medicinal Dispensaries Inc. (“NHMD“), a wholly owned subsidiary of the Company, has submitted all necessary paperwork to the Illinois Department of Financial and Professional Regulation (“DFPR“) to register a medical cannabis dispensary in Lawrenceville, IL. The Company is awaiting final approval of the registration package submission. Upon receiving final requisite approvals the Company expects to complete the build-out, and begin operations in early 2016. As NHMD indicated in its registration package, it is expected that the dispensary will operate under the name of “Small’s Mill Medicinal Center”.
About Nutritional High International Inc.
Nutritional High is primarily focused on developing, acquiring and designing products and brands in the marijuana-infused edible products and oil extracts sectors for medical and adult recreational use. The Company works exclusively in U.S. states where such activity is permitted and regulated by state law, through entities which hold a valid license to produce marijuana-infused edible products and to distribute, and dispense marijuana products.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR OTC MARKETS GROUP INC, NOR ITS REGULATIONS SERVICES PROVIDER 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.
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