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.”