03:52:13 EDT Fri 26 Apr 2024
Enter Symbol
or Name
USA
CA



Nutritional High International Inc
Symbol EAT
Shares Issued 287,908,620
Close 2018-07-09 C$ 0.39
Market Cap C$ 112,284,362
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Nutritional High to acquire Pasa Verde facility

2018-07-09 11:15 ET - News Release

Mr. Jim Frazer reports

CALIFORNIA ROLL-OUT ACCELERATES NUTRITIONAL HIGH ANNOUNCES DEFINITIVE AGREEMENT TO ACQUIRE SACRAMENTO, CALIFORNIA, CANNABIS EXTRACTION FACILITY

Nutritional High International Inc. has signed a definitive agreement for the acquisition of Pasa Verde, a commercial-scale cannabis oil extraction and edible facility in Sacramento, Calif. Pasa Verde produces a number of extract products on a contract manufacturing basis for leading brands and will begin producing Nutritional High's FLI branded oil and edible products.

From its 17,600-square-foot facility, Pasa Verde has experience producing, and equipment for both ethanol and carbon dioxide extraction with abundant room for expansion. Plans have been drawn up and submitted to local authorities for an aggressive expansion of the facilities to enable the manufacture of a wide range of edible products.

"We are very pleased to welcome Tony Westfall and his team to the Nutritional High family," said Jim Frazer, chief executive officer of Nutritional High. "We have a number of innovative products we will release in the coming months and years for Calyx to distribute. With Calyx's insight and Pasa Verde's infrastructure and management, we are well placed to ensure that FLI and other Nutritional High product will have a prominent and leading place in the California market."

The acquisition of 100-per-cent interest in Pasa Verde is expected to close before the end of July, 2018, at a purchase price of $1.65-million (U.S.), of which $900,000 (U.S.) is payable in Nutritional High shares. The transaction also includes an earnout of up to $5.3-million (U.S.) depending on growth of the business over the next two years. The earnout is contingent on growth targets for 12 months, 18 months and 24 months, and is payable half in cash and half in shares on Nutritional High.

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 through 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 FLI edibles and extracts product line from production to market in California through its wholly owned distributor, Calyx Brands Inc., and Colorado, where its products are manufactured by a licensed producer.

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