TORONTO, Ontario, Jan. 17, 2018 (GLOBE NEWSWIRE) — Nutritional High International Inc. (the “Company” or “Nutritional High”) (CSE:EAT) (OTCQB: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.