TORONTO, Dec. 09, 2017 (GLOBE NEWSWIRE) — Nutritional High International Inc. (the “Company” or “Nutritional High“) (CSE:EAT) (OTCQB:SPLIF) (FRANKFURT:2NU) wishes to provide an update on the licensing status of Palo Verde LLC (“Palo Verde“), the tenant at the Company’s Pueblo, Colorado facility. Palo Verde manufactures FLI-branded vape cartridges within the state of Colorado.
Palo Verde is licensed by the State of Colorado as a retail marijuana infused products manufacturer (“Retail MIPs”). Palo Verde has recently been advised that the renewal application for its Retail MIPs license received a notice of denial (“NOD“) from Colorado’s Marijuana Enforcement Division (“MED“). According to the administrative provisions of Colorado Retail Code (“Retail Code“), Palo Verde will be able to continue its operation within its current licensed premises pending an administrative process to determine if the Retail MIPs license renewal was properly denied by the MED.
In addition to the Retail MIPs license renewal, Palo Verde had also applied for a retail cultivation license and a medical marijuana infused products license, both of which were also denied. Among other grounds for the NOD, the MED alleges that Nutritional High has an undisclosed financial interest in Palo Verde, which Nutritional High denies. All financial relationships between Palo Verde and Nutritional High have been disclosed to the MED.
“We will provide Palo Verde with whatever support they need to demonstrate to the MED the true nature of our relationship,” explained Nutritional High CEO Jim Frazier. “We anticipate that Palo Verde will be permitted to continue operations for the foreseeable future while addressing this matter with the MED.”
While Nutritional High intends on continuing to provide FLI-branded packaging to Palo Verde, it will seek relationships with other licensed Colorado marijuana establishments to manufacture and distribute its brands in a manner that is fully transparent and compliant with the Retail Code. Nutritional High is also aggressively accelerating its expansion efforts in other states to enhance the footprint of its flagship FLI brand in jurisdictions that permit legal cannabis products.
About Nutritional High International Inc.
Nutritional High is focused on developing, manufacturing and distributing premium and consistently dosed products in the cannabis-infused products industry, including edibles and oil extracts for nutritional, medical and adult recreational use. The Company works exclusively with licensed facilities in jurisdictions where such activity is permitted and regulated by state law.
For updates on the Company’s activities and highlights of the Company’s press releases and other media coverage, please follow Nutritional High on Facebook, Twitter, Instagram and Google+ or visit www.nutritionalhigh.com.
For further information, please contact:
David Posner, Chairman of the Board
Nutritional High International Inc.
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This news release may contain forward-looking statements and information based on current expectations. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Such statements include submission of the relevant documentation within the required timeframe and to the satisfaction of the relevant regulators, completing the acquisition of the applicable real estate and raising sufficient financing to complete the Company’s business strategy. There is no certainty that any of these events will occur. Although such statements are based on management’s reasonable assumptions, there can be no assurance that such assumptions will prove to be correct. We assume no responsibility to update or revise them to reflect new events or circumstances.
Company’s securities have not been registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act“), or applicable state securities laws, and may not be offered or sold to, or for the account or benefit of, persons in the United States or “U.S. Persons”, as such term is defined in Regulation S under the U.S. Securities Act, absent registration or an applicable exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or any jurisdiction in which such offer, solicitation or sale would be unlawful.
Additionally, there are known and unknown risk factors which could cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.