Nutritional High (CSE:EAT, OTCQB:SPLIF, FWB:2NU) comments on the signing into law Colorado’s House Bill 19-1090 yesterday afternoon. The new law will permit publicly traded companies to hold marijuana licenses in the State.
Yesterday, May 29, 2019, Colorado Governor Jared Polis signed into law HB19-1090 – “Publicly Licensed Marijuana Companies” which repeals the provision that prohibits publicly traded companies from holding a marijuana license. The Bill was passed by the Colorado Legislature on April 27, 2019, and was sponsored by two Democrats and two Republicans.
Colorado was the first state in the United States to legalize cannabis for adult use and the initial regulations introduced in 2014 did not permit any out-of-state ownership of MED-licensed cannabis businesses. The regulations were subsequently amended to permit some out-of-state ownership for qualified US residents, capped at 15 individuals, effectively barring public companies from having direct ownership of MED-licensed businesses.
“The new legislation is a win-win for Colorado and the cannabis industry,” commented Adam Szweras, Co-Chairman of Nutritional High. “According to BDS Analytics, Colorado sold $1.5 billion of legal cannabis in 2018, second only to California. This new legislation should help maintain Colorado’s status as one of the largest cannabis economies in the world, and effectively opens the floodgates by granting Colorado-based cannabis companies additional avenues for investment. For Nutritional High, the new law paves the way to potentially gaining direct ownership interest in MED-licensed entities.”
The Company currently leases its Pueblo property and equipment to Palo Verde LLC (“Palo Verde”), an independent third-party processor licensed by the State of Colorado. Palo Verde produces various of the Company’s brands under a license agreement. Palo Verde currently manufactures multiple SKU’s of the Company’s FLÏ™ branded cannabis products, including: FLI Vape Pens, FLI Syringes, FLI Extracts, FLI Chocolates and FLI Space Joints.
“We’re pleased with the progress Palo Verde continues to make as it expands its footprint in the State of Colorado,” says co-Chairman David Posner. “We’ve seen Palo Verde grow from a startup with only a couple of employees to an established player in a mature market. Our strategic relationship with Palo Verde has allowed us to increase visibility of our FLI brand in one of the largest markets in the country. Growing sales together with recent regulatory headwinds are exciting developments for us and our strategic partners. We have learned a lot on this journey and feel that our experience and connections will enable us to quickly identify opportunities to continue to build value.”
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. 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 and Instagram or visit www.nutritionalhigh.com.
For further information, please contact:
Co-Chairman of the Board
Nutritional High International Inc.
Director, Investor Relations
Nutritional High International Inc.
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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. Some of the risks and other factors that could cause actual results to differ materially from those expressed in forward-looking information expressed in this press release include, but are not limited to: obtaining and maintaining regulatory approvals including acquiring and renewing U.S. state, local or other licenses, the uncertainty of existing protection from U.S. federal or other prosecution, regulatory or political change such as changes in applicable laws and regulations, including U.S. state-law legalization, market and general economic conditions of the cannabis sector or otherwise.
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