Nutritional High Announces Appointment of Industry Expert to Executive Team, Provides Update on SoCal Strategy
TORONTO, June 11, 2018 (GLOBE NEWSWIRE) — Nutritional High International Inc. (the “Company” or “Nutritional High”) (CSE:EAT) (OTCQB:SPLIF) (FRANKFURT:2NU) would like to provide an update on several recent developments within the Company, as well as a revision to an earlier company press release pertaining to the granting of stock options.
Appointment of Billy Morrison as CTO
The Company is pleased to announce it has appointed Billy Morrison to the role of Chief Technology Officer (“CTO”). Billy has been with the Company in the role VP, Extraction since March 2015 and has helped shape the Company’s strategy since then. He is a deeply knowledgeable cannabis industry figure, having previously founded an ACMPR-licensed facility in Quebec, established the Union Collective, a prominent California dispensary, and a prominent extraction lab which continues to operate in Southern California. He has developed Nutritional High’s proprietary cryoethanol extraction processes which has shown to yield cannabis oil containing 100% THC and other cannabinoids.
In his expanded role, Billy will continue to innovate and develop procedures and processes for extracting and refining cannabis oil and other extracts. Billy will oversee the Company’s expansion into live resin and other extracts, as well as the development of various delivery mechanism including the development of mobile dabbing technology.
Jim Frazier, CEO of Nutritional High commented, “We are very pleased to have Billy move to the role of CTO within the Company. His deep knowledge of extraction techniques and processes has been an invaluable resource to us as execute our corporate strategy of providing value-added cannabis products to key North American markets.”
Update on Long Beach Facility
The Company would like to provide an update to its previously announced purchase of a distribution center in Long Beach, California (see press release dated May 22nd, 2018). After weighing up its strategic options, the agreement to purchase the Long Beach facility has been terminated. Calyx will continue servicing the Southern California market from its distribution hub in Oakland while strategic alternatives are secured and licensed.
Revision to Previously Announced Granting of Stock Options
The Company would like to provide an amendment to the previously announced issuance of stock options to key members of the Board of Directors, executive team and consultants (see press release dated May 10th, 2018). The Company would like to revise the number of stock options granted from the previously announced 3,700,000 to 4,100,000, to account for 400,000 additional options that were granted to key consultants. The additional stock options were granted on May 8th, 2018 and are exercisable into Common Shares at a price of $0.36 per Common Share for a period of five years from the date of issuance, subject to certain vesting provisions in accordance with the Company’s stock option plan.