Loading, Please Wait...
TORONTO, March 14, 2019 (GLOBE NEWSWIRE) -- Nutritional High International Inc. ("Nutritional High" or the "Company") (CSE: EAT, OTCQB: SPLIF, FRANKFURT: 2NU) is pleased to announce that it has entered into a consulting agreement (the "Consulting Agreement") with Thai political operator and businessman, Tom Kruesopon (the "Consultant") to develop business opportunities for Nutritional High in Asia. As part of the arrangement, Apple Wealth Holding Company Limited ("AWH"), to which Mr. Kruesopon is the senior advisor, completed a non-brokered private placement (the "Offering") whereby AWH purchased an aggregate of 5,000,000 common shares for gross proceeds of C$1,350,000.
Mr. Kruesopon will assist Nutritional High in developing opportunities in legal jurisdictions across Asia, as well as bringing Asian brands and products to North America. Mr. Kruesopon is the senior advisor to AWH, as well as an Advisor to the former Prime Minister of Thailand, CEO of Tune Insurance, President of Panda Securities, and former Director of Thai AirAsia X. Pursuant to the terms of the Consulting Agreement, an aggregate of 700,000 common shares were issued to AWH.
All of the common shares issued as part of the Offering and the Consulting Agreement are subject to a four month and one day hold period. A referral fee of $27,000 and 100,000 common shares was paid to a third party in conjunction with the completion of the Offering.
"With my advocacy for cannabis legalization in Thailand, I was driven to conduct a search for a North American cannabis company to work with that could offer a platform for growth in Asia,” said Mr. Kruesopon. “After meeting with several companies and performing extensive due diligence, I'm happy to have formed this strategic alliance with Nutritional High. As both a shareholder through Apple Wealth, and as a strategic adviser, I look forward to actively seeking business opportunities for Nutritional High in Asia, and having Nutritional High act as a bridge to combine Asian medicinal practice with CBD and other cannabis derivatives.”
“Working with Tom allows us to diversify our portfolio of brands and expand our distribution pipeline,” added Jim Frazier, CEO of Nutritional High. "Q4 2018 saw a massive paradigm shift in Asia with Thailand and Korea legalizing cannabis products for medical purposes, and we expect more countries on the continent to follow suit. We are constantly monitoring global developments in the industry and looking to leverage synergistic opportunities wherever we can. As a manufacturing and distribution leader, gaining a first-mover advantage overseas is a logical step in growing and maintaining our market share. In addition to expanding our pipeline, we look forward to adding Asian brands and products to our domestic portfolio, allowing us to corner additional segments of the cannabis derivatives market.”
Adam Szweras, Co-Chair of the Nutritional High board added: “We are excited to work with Tom to build a business plan to allow us to expand internationally to an emerging cannabis market. While we will not waver from our immediate focus of expanding our California and Nevada footprints and those of our operations elsewhere in the western US, Asia is an exciting new frontier where, along with Tom, Apple Wealth, and their team, great things are possible.”
About Apple Wealth Holding Company Ltd.
Apple Wealth provides securities brokerage and corporate finance services in Thailand. Its securities brokerage services include equity, fixed income/debt, derivatives, and unit trusts. Corporate finance services comprise organization restructuring, financial advisory, securities dealing, and M&A. It also provides e-trade, market information, brokerage services, and securities underwriting and distribution services. The company was founded in 1999 and is based in Bangkok, Thailand.
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, Instagram and Google+ 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.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR OTC MARKETS GROUP INC., NOR THEIR REGULATIONS SERVICES PROVIDERS 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. The statements relate to potential market expansion and the use of the proceeds of the Offering. Risks that may have an impact on the ability for these events to be achieved include completion of due diligence, negotiation of definitive agreements and receipt of applicable approvals. 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.
The 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. 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.