Nutritional High Enters Into an Agreement to Develop Opportunities in Asia, Completes C$1.35M Private Placement
TORONTO, March 14, 2019 (GLOBE NEWSWIRE) — Nutritional High International Inc. (“Nutritional High” or the “Company“) (CSE: EAT, OTCQB: SPLIF, FRANKFURT: 2NU) is pleased to announce that it has entered into a consulting agreement (the “Consulting Agreement“) with Thai political operator and businessman, Tom Kruesopon (the “Consultant“) to develop business opportunities for Nutritional High in Asia. As part of the arrangement, Apple Wealth Holding Company Limited (“AWH“), to which Mr. Kruesopon is the senior advisor, completed a non-brokered private placement (the “Offering“) whereby AWH purchased an aggregate of 5,000,000 common shares for gross proceeds of C$1,350,000.
Mr. Kruesopon will assist Nutritional High in developing opportunities in legal jurisdictions across Asia, as well as bringing Asian brands and products to North America. Mr. Kruesopon is the senior advisor to AWH, as well as an Advisor to the former Prime Minister of Thailand, CEO of Tune Insurance, President of Panda Securities, and former Director of Thai AirAsia X. Pursuant to the terms of the Consulting Agreement, an aggregate of 700,000 common shares were issued to AWH.
All of the common shares issued as part of the Offering and the Consulting Agreement are subject to a four month and one day hold period. A referral fee of $27,000 and 100,000 common shares was paid to a third party in conjunction with the completion of the Offering.
“With my advocacy for cannabis legalization in Thailand, I was driven to conduct a search for a North American cannabis company to work with that could offer a platform for growth in Asia,” said Mr. Kruesopon. “After meeting with several companies and performing extensive due diligence, I’m happy to have formed this strategic alliance with Nutritional High. As both a shareholder through Apple Wealth, and as a strategic adviser, I look forward to actively seeking business opportunities for Nutritional High in Asia, and having Nutritional High act as a bridge to combine Asian medicinal practice with CBD and other cannabis derivatives.”
“Working with Tom allows us to diversify our portfolio of brands and expand our distribution pipeline,” added Jim Frazier, CEO of Nutritional High. “Q4 2018 saw a massive paradigm shift in Asia with Thailand and Korea legalizing cannabis products for medical purposes, and we expect more countries on the continent to follow suit. We are constantly monitoring global developments in the industry and looking to leverage synergistic opportunities wherever we can. As a manufacturing and distribution leader, gaining a first-mover advantage overseas is a logical step in growing and maintaining our market share. In addition to expanding our pipeline, we look forward to adding Asian brands and products to our domestic portfolio, allowing us to corner additional segments of the cannabis derivatives market.”
Adam Szweras, Co-Chair of the Nutritional High board added: “We are excited to work with Tom to build a business plan to allow us to expand internationally to an emerging cannabis market. While we will not waver from our immediate focus of expanding our California and Nevada footprints and those of our operations elsewhere in the western US, Asia is an exciting new frontier where, along with Tom, Apple Wealth, and their team, great things are possible.”
About Apple Wealth Holding Company Ltd.
Apple Wealth provides securities brokerage and corporate finance services in Thailand. Its securities brokerage services include equity, fixed income/debt, derivatives, and unit trusts. Corporate finance services comprise organization restructuring, financial advisory, securities dealing, and M&A. It also provides e-trade, market information, brokerage services, and securities underwriting and distribution services. The company was founded in 1999 and is based in Bangkok, Thailand.
About Nutritional High International Inc.
Nutritional High is focused on developing, manufacturing and distributing products under recognized brands in the cannabis products industry, with a specific focus on edibles and oil extracts for medical and adult recreational use. The Company works exclusively with licensed facilities in jurisdictions where such activity is permitted and regulated by state law.
The Company follows a vertically integrated model with a fully developed strategy for acquisitions in extraction, production, sales, and distribution sectors of the cannabis industry. Nutritional High has brought its flagship FLÏ™ edibles and extracts product line from production to market through its wholly owned subsidiaries in California and Oregon, as well as Colorado where its FLÏ™ products are manufactured by a third-party licensed producer. In California, the Company distributes its products and products manufactured by other leading producers through its wholly owned distributor Calyx Brands Inc. and is entering the Nevada, Washington State and Canadian markets in the near future.