TORONTO, ONTARIO--(Marketwired - Aug 31, 2016) - Nutritional High International Inc. ("Nutritional High" or the "Company") (SPLIF)(CSE:EAT)(2NU.F) and Purple Haze Properties LLC ("PHP") are pleased to announce the launch of Jimi Hendrix related cannabis-infused products, and the entry into an addendum to their license agreement ("Agreement") to provide for sub-licensing to third parties in Oregon and California. The Company also wishes to announce additional securities issuances.
Launch of Jimi Hendrix Related Cannabis Products
Purple Haze Properties has brokered licensing deals with manufacturers in California and Oregon to distribute Nutritional High's lines of Jimi's Cannabis Collection Gummy Bears and Hard Candies. It is expected that these products will also be available in Colorado in the coming months as Nutritional High's Pueblo, Colorado marijuana oils and edibles extraction facility commences operations. The gummy and hard candies will have a wide array of flavors, named after song titles of the greatest guitarist in rock and roll history.
To facilitate these sub-licensing arrangements, Nutritional High and PHP have entered into an amending agreement to their June 5, 2015, license agreement where Nutritional High acquired the exclusive rights to manufacture and distribute Gummy Bears, Hard Candies and Vitamin Water style beverages for Jimi's Cannabis Collection. Nutritional High can terminate these sublicensing arrangements when it decides to launch its own product offerings in those states.
"I look forward to these great products being available in dispensaries in California, Oregon and Colorado. I really think the fans will love these stoner treats," states Leon Hendrix, brother of the guitar legend. "We did the deal with Nutritional High because they're a great company and we want to help them grow," states Andrew Pitsicalis, CEO and President of PHP.
Additional Securities Issuances
Nutritional High is in the process of entering into agreements to settle up to an aggregate of CDN$300,000 and US$100,000 of debt in consideration for the issuance of up to an aggregate of 8,620,000 units ("Units") of the Company at a deemed price of CDN$0.05 per Unit (the "Debt Settlement"). Each Unit will be comprised of one common share ("Share") and one-half of warrant (each a "Warrant"), exercisable into Shares at a price of $0.07 per Share for a period of 18 months from the closing date.
The board and management of Nutritional High believe that the proposed Debt Settlement is in the best interests of the Company because it allows the Company to preserve its funds for operations. The Debt Settlement will not create a new control person holding more than 20% of the issued and outstanding common shares of the Company. The Debt Settlement is subject to the approval of the Canadian Securities Exchange and the securities issued pursuant to the Debt Settlement will be subject to a statutory four month hold period.
The Company expects to complete this debt settlement contemporaneously with the closing of the final tranche of its previously announced financing. The final amount of debt settlement will be announced at the time of closing.
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+.
About Purple Haze Properties
Purple Haze Properties, LLC was founded through a partnership between Andrew Pitsicalis and Leon Hendrix, blood brother to the legendary guitar icon, Jimi Hendrix. Purple Haze Properties, LLC is one of the premiere sources for Jimi Hendrix cannabis related products. They participate in all aspects of the cannabis industry including Licensing, Social, Medical, Music and Entertainment areas.
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