#Cannabis
Stock News: Nutritional High (CSE: $EAT) (CSE: EAT.CN) (OTCQB: $SPLIF)
Announces Closing of Oregon Property Acquisition and an Update on Licensing
TORONTO, ONTARIO - March 27, 2017
(Investorideas.com Newswire) Nutritional High International Inc. (the
"Company" or "Nutritional High")
(CSE:EAT)(CSE:EAT.CN)(OTCQB:SPLIF)(FRANKFURT:2NU) is pleased to announce that
is has closed an acquisition of a real estate property in The City of La Pine
located in Deschutes County, Oregon where the Company intends to extract
cannabis oil, and manufacture cannabis infused products. The Company is in the
advanced stages of an application process to manufacture cannabis concentrates
and edibles with Oregon Liquor Control Commission ("OLCC") in
relation to the property.
Jim Frazier, CEO of Nutritional High
commented - "We're excited to announce this key milestone in Nutritional
High's expansion strategy, establishing our presence in Pacific Northwest. In
our view, the State of Oregon has one of the most robust cannabis regulation
and we are excited to be a part of this growing market. The move to establish
operations from the ground-up and receive a Processor License is consistent
with our growth strategy to secure a national foothold by replicating the
Colorado model in other states that regulated cannabis for adult and medical
use."
Oregon Licensing
Update and Construction Timeline
Nutritional High has contracted to
purchase the property in late 2015, soon after the State of Oregon published
the licensing rules for cannabis companies and applied for land use
compatibility survey ("LUCS") with the City of La Pine, which was
granted in April 2016. The LUCS permits the Company to manufacture concentrate
and topical products at its location in La Pine.
Since then, the Company has been
working with state and local regulatory authorities to obtain the necessary
permits to receive the Recreational Processor License from Oregon Liquor
Control Commission ("OLCC").
The Company has also been working
with architect and engineering teams out of Bend, OR to finalize the design of
the facility and work with local authorities to apply for requisite local
permits to start re-modelling of the facility. Earlier this year the Company
has secured the architectural and mechanical building permits from Deschutes
County Community Development Department ("DCCDD") and expects to
secure electrical and plumbing permits, which will enable the Company to commence
remodelling of the facility. The Company expects to commence construction in
calendar Q2 of 2017. The construction is expected to take approximately three
to four months, and will be followed by the installation of equipment, which is
currently being ordered to minimize the lead time to commence production.
After completing the construction,
the facility will be inspected by Oregon Department of Agriculture
("DOA") and OLCC, upon successful completion of which the
Recreational Processing License from the State will be granted. The final steps
in the permitting process include the inspection by the DCCDD, and certain
departments of The City of La Pine, including the fire chief, planning
department and the City manager.
Licensed cannabis companies in the
State of Oregon are not subject to residency requirements. As such, the
licensed operator will be wholly owned by Nutritional High.
The Company acquired La Pine Property
for approximately US$404,925, which was paid for in cash. The Company may
consider obtaining secured financing against the property in future.
Oregon Business
Plan Update
Upon fully completing Phase I
construction and permitting, the Company will focus on rolling out its FLI
products in the State of Oregon. Nutritional High will emulate its Colorado
model, starting with bulk oil and cartridges, followed by edible and topical
products. The initial permitting and design was focused on replicating the
extraction process in Pueblo, CO, using ethanol-based primary extraction method
and short-path distillation to purify the oil.
Once the production of concentrate
products has commenced, the Company will begin planning and obtaining requisite
permits for Phase II (including an updated LUCS), which would be focused on
manufacturing cannabis-infused edible products. The La Pine facility has a
total square footage of approximately 5,000 square feet, which is sufficient to
house a robust extraction and infused product manufacturing operation and
manufacture more than a dozen of product lines.
Oregon Cannabis
Market
The State of Oregon has one of the
oldest medical cannabis programs in the Country, having passed Measure 67 in
1998, and in 2014 Oregon passed Ballot Measure 91, which has legalized cannabis
for adult use. According to OLCC data, retail sales of cannabis for the week of
01/22/2017 were slightly above $5 million1, which would represent an annualized
revenue of approximately $260 million, with approximately 30% of the market
representing non-flower marijuana products such as concentrates, topicals and
edibles. Total sales are expected to significantly accelerate, since most the
retail establishments are still being approved by the regulators.
According to ArcView Market Research
Data, Oregon is sixth in the nation in per capita marijuana use at 16.7%, which
pegs the market at approximately 660,000 consumers2. The market is projected to
grow to almost $1 billion in sales by 2020.
About Nutritional
High International Inc.
Nutritional High is focused on
developing, manufacturing and distributing products and nationally recognized
brands in the hemp and marijuana-infused products industries, including edibles
and oil extracts for nutritional, medical and adult recreational use. The
Company works exclusively through 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.
NEITHER THE CANADIAN SECURITIES
EXCHANGE NOR OTC MARKETS GROUP INC., NOR THEIR REGULATIONS SERVICES PROVIDERS
HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS
RELEASE.
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.
Contact Information
Nutritional High International Inc.
David Posner
Chairman of the Board
647-985-6727
dposner@nutritionalhigh.com
David Posner
Chairman of the Board
647-985-6727
dposner@nutritionalhigh.com
Marijuana / Hemp Stocks
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