TORONTO, Nov. 07, 2018 (GLOBE NEWSWIRE) — Nutritional High International Inc. (the “Company” or “Nutritional High“) (CSE: EAT, OTCQB: SPLIF, FRANKFURT:2NU) is pleased to provide an update on recent developments on operations in the state of Oregon.
The Company has launched cannabis production in Oregon and successfully completed production of the first batch through the cold ethanol extraction equipment for laboratory testing. The professional laboratory testing will analyze various aspects of the product in regard to cannabinoid content, moisture, and toxins. Nutritional High implements the highest standard in cannabis testing and production in order to cultivate high quality edibles and products for the Oregon adult-use market to align with all the other existing markets.
Nutritional High is currently producing various in-house flagship FLÏ-branded products including its Vape Cartridges and Syringes. The Company is in the final stages of seeking regulatory approval in order and expects to roll out its FLÏ-branded Chocolate Bars across the state of Oregon as early as Q1 of 2019. The Chocolate Bars will come in a multitude of delicious high quality milk chocolate flavours, which include amongst others, a distinctive rich caramel, dark chocolate sea salt and dark chocolate blueberry flavour. The Company will be working with a statewide distributor that will help market and distribute its FLÏ-branded products throughout the state.
In addition, the Company is bringing additional innovative edible products to the market with unique Chocolate Shot selling under the FLÏ-brand. The Chocolate Shot is unique to consumers in that it is engineered to stay in a delicious liquid despite external weather conditions.
“With our focus on the US West Coast, the first production in Oregon is a milestone of strategic importance to the Company,” commented Nutritional High’s Chief Executive Officer Jim Frazier. “We look forward to proudly introducing our highest quality edibles to the Oregon adult-use market and deepening our market concentration through such state-by-state development.”
Further to its press release dated November 5, 2018, the Company wishes to clarify the terms of the sale and leaseback financing agreement for equipment located at the Company’s FLÏ NorCal facility (the “Sacramento Equipment Agreement”) with Veteran Capital Corp and ASC Lease Income, LLC, (collectively, the “Sacramento Buyers”). Nutritional High issued 264,689 common share purchase warrants (each, a “Warrant”) as additional consideration in connection with the Sacramento Equipment Agreement. Each Warrant entitles the Sacramento Buyers to purchase one common share in the capital of the Company (a “Common Share”) at a price of $0.70 CDN per Common Share for a period of 24 months from the date of issuance.