Nutritional High Announces Entering Into Agreements to Acquire Producer and Processor Licenses in Henderson, Nevada
Nutritional High International (CSE:EAT) (CSE:EAT.CN) (OTCQB:SPLIF) (FRANKFURT:2NU) announced definitive agreements for the acquisition of provisional producer and processor licenses in Henderson, Nevada and a real estate property to which the Licenses are attached.
As quoted in the press release:
Jim Frazier, CEO of Nutritional High commented: “We are pleased to announce the acquisition of these licenses as our debut into South West United States. The recent passage of Question 2 has legalized cannabis for recreational use more than doubled the size of the cannabis market in the State of Nevada. We are excited to stake our claim. We also note the potential synergies that this opportunity presents given our partnership with Aura Health, which currently operates a medical marijuana clinic in Las Vegas.”
Terms of the Acquisition
As consideration for the Acquisition, the Company shall pay the vendor (the “Vendor”) US$1,000,000, US$800,000 of which is payable in cash, and US$200,000 of which, at the Vendor’s option, is payable in cash or by the issuance of 1,176,470 common shares of the Company (the “Common Shares”) at a deemed price of US$0.17 per Common Share. The Company has advanced US$100,000 as a deposit for the Acquisition, with the balance of consideration payable upon closing.
The Agreements also provide for an acquisition of the Property in consideration of US$1.6 million. A refundable deposit of US$160,000 is payable no later than February 21, 2017 and the balance to be paid within 60 days of the date of the Agreements.