FLI Product Manufacturer, Palo Verde, Reaches Settlement With Colorado Department of Revenue, Cleared to Continue and Expand Operations
Nutritional High (CSE:EAT, OTCQB:SPLIF, FWB:2NU) is pleased to announce that a settlement has been reached between Palo Verde LLC (“Palo Verde”) and the Colorado Department of Revenue, Marijuana Enforcement Division (“MED”) regarding Palo Verde’s licensing status. The settlement is subject to final approval from Colorado’s State Licensing Authority (“State Licensing Authority”). Palo Verde operates a manufacturing facility in Pueblo, Colorado, which it leases from Nutritional High, and manufactures FLI-branded vape cartridges within the State. The Company previously announced Palo Verde had received a notice of denial (“NOD”) from Colorado’s MED in association with the renewal of its retail marijuana products manufacturer license (“Retail MIPs”), and with new applications for retail cultivation (“Cultivation”) and medical marijuana infused products (“Medical MIPS”) licenses (see press release date December 9th, 2017).
As part of the settlement, Palo Verde will withdraw its request for a hearing regarding its denied applications and Palo Verde will pay a fine to the MED. Palo Verde must obtain alternative financing for the promissory notes currently outstanding between Palo Verde and the Company within six months from the settlement. These terms are subject to final approval by Colorado’s State Licensing Authority.
In addition to the above, the MED will issue conditional approval letters for Palo Verde’s Retail MIPS, Cultivation and Medical MIPS licenses, with final approval being conditional upon Palo Verde executing the terms outlined above.
Jim Frazier, Nutritional High’s CEO commented as follows: “We are pleased that Palo Verde has been able to clear up this matter, and pave the way for Palo Verde to continue to offer FLI products in the Colorado market. We will work with Palo Verde ownership to consider launches of additional FLI product SKU’s and other brand offerings we are developing in California and elsewhere.”
Nutritional High has no ownership interest in Palo Verde and does not manufacture, process or distribute cannabis products in Colorado. All sales of Nutritional High FLI-branded products in Colorado are undertaken by Palo Verde.
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 with 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 FLÏ™ edibles and extracts product line from production to market through its wholly owned subsidiaries in California and Oregon, as well as Colorado where its FLÏ™ products are manufactured by a third party licensed producer. In California, the Company distributes its products and products manufactured by other leading producers through its wholly owned distributor Calyx Brands Inc. The Company also owns a 50% interest in The Clinic Effingham (an Illinois dispensary), and is entering the Nevada, Washington State and Canadian markets in the near future.
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:
Co-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. 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. For a discussion of these risk factors, please see the Company’s interim management’s discussion and analysis for the nine months ended April 30, 2018 and the Company’s annual management’s discussion and analysis for the year ended July 31, 2017 available at www.sedar.com under the Company’s profile. 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.
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