Nutritional High International Inc. (the "Company" or "Nutritional High") (CSE:NHL)(OTCQB:SPLIF) is pleased to announce that the Company has entered into an exclusive licensing agreement ("Agreement"), under which the Company may manufacture and distribute various marijuana and hemp-based edible products using the song titles and bearing the likeness of iconic guitarist Jimi Hendrix.
"Jimi Hendrix is one of the most legendary rock guitarists of all time and this partnership should create instant brand recognition for our edible marijuana products by Jimi's fans across North America," said David Posner, CEO of Nutritional High. "Entering into brand partnerships with the world's foremost marijuana-related artists is a core component of our strategy, and we are honored to become part of Jimi's legacy," he added.
A variety of products under the "Edibles Experience" banner are in development including the "Purple Haze" line of THC-based products and the "Stone Free" line of CBD-based, non-psychoactive health products.
About the License
The License Agreement, entered into with Purple Haze Properties LLC ("PHP" or "Licensor") on June 5, 2015, grants Nutritional High the exclusive right to manufacture and distribute marijuana and hemp oil-infused products including gummy bears, hard candies and health and energy drinkable products, and non-exclusive rights to manufacture and distribute certain apparel and accessories, in the United States and Canada. The term of the Agreement is for five years, with a renewal option for an additional five years.
Under the terms of the Agreement, Nutritional High will issue to the Licensor 3,333,334 common shares in the capital of the Company (the "Common Shares") and shall pay additional annual fees and royalties of no less than $1,000,000 over five years, with such minimums payable in Common Shares or cash at the Company's option.
In addition, Nutritional High announces that it has agreed to issue an aggregate of 700,000 Common Shares to new personnel who are joining the Company.
"We are pleased to be working with Nutritional High on Jimi's entrance into the marijuana category. Nutritional High brings sophisticated manufacturing and marketing expertise and this will enable them to provide high quality products for Jimi's fans everywhere. We look forward to building a leading presence in this rapidly-growing category, both as licensors and as shareholders," said Andrew Pitsicalis, CEO of Purple Haze Properties.
About Nutritional High International Inc.
Nutritional High is primarily focused on developing, acquiring and designing products and brands in the marijuana-infused edible products and oil extracts sectors for medical and adult recreational use. The Company works exclusively in U.S. states where such activity is permitted and regulated by state law, through entities which hold a valid license to produce marijuana-infused edible products and to distribute, and dispense marijuana products.
For updates on the edibles industry and highlights of the Company's press releases and other media coverage, please follow Nutritional High on Facebook, Twitter, Instagram and Google+.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR OTC MARKETS GROUP INC, NOR ITS REGULATIONS SERVICES PROVIDER 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 offered 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.