TORONTO, Oct. 21, 2019 (GLOBE NEWSWIRE) -- Nutritional High International Inc. ("Nutritional High" or the "Company") (CSE: EAT, OTCQB: SPLIF) is pleased to announce that it has entered into a five-year binding framework agreement (the “Agreement”) with Golden Triangle Health Company Ltd. (“Golden Triangle”) to manufacture and distribute branded products in North America, effective immediately. To begin, Golden Triangle clients will import products to the US to be infused and packaged.
Golden Triangle is a Thailand-based health and wellness company with a strong family of brands (the “Clients”) including Smooth-E, P80 Natural Essence, Siang Pure Oil, SLC Clinic and the Traditional Thai Herbal Association. Golden Triangle is actively soliciting additional brands from Asia to its portfolio specifically with the purpose of manufacturing and distributing CBD and Cannabis infused products in North America and once permitted, in Asia and Europe. Nutritional High will be responsible for providing North American market assessments for the Clients’ products, and for those products selected will be responsible for infusion, packaging, marketing, distribution and sales of those products in jurisdictions where they are legal.
Products targeted for import already have a strong following in Asia and will initially include: P80 Natural Essence, an all-natural Longan juice clinically proven to improve sleep and made using an exclusive manufacturing process; Siang Pure Oil Red, a topical oil derived from 100% natural herbal ingredients and designed to relieve various bodily discomforts such as aches and insect bites; and Smooth-E Facial Cream, recommended by dermatologists and pharmacists to diminish scars, heal chapped skin and smooth away wrinkles. Nutritional High will also work closely with SLC Clinic and the Traditional Thai Herbal Association to bring additional brands and product lines to North America. SLC Clinic is the leading provider of skin care solutions in Thailand and the Traditional Thai Herbal Association has proprietary formulations for an array of organic herbal products including food, drinks, bath and body, cosmetics, and skin care.
As per the Agreement, the Company will receive a sales fee totaling 35% of gross sales, as well as a fee for each initial product assessment plus applicable expenses. The Company will receive 75% of the sales fee and Golden Triangle will receive 25%. As consideration for entering into the Agreement, Nutritional High has issued 1,050,000 common shares of the Company to Golden Triangle.
“We are proud to have attracted Golden Triangle as a key strategic partner to allow us to be a first mover in Asian focused products, and eventually in Asia,” commented Nutritional High CEO, Adam Szweras. “Golden Triangle is licensing successful products throughout Asia and this partnership allows us to leverage our extensive distribution network and robust manufacturing footprint for a brand-new emerging category with limited risk.”
The partnership between Golden Triangle and Nutritional High is a result of the collaborative efforts between the Company and Tom Kruesopon. Based in Thailand, Mr. Kruesopon is a political operator and businessman who played a major role in advocating for cannabis legalization in his home country. Cannabis was legalized for medical use in Thailand in December 2018.
“The cannabis industry in Thailand is still in its infancy but there are a plethora of opportunities in North America,” added Mr. Kruesopon. “Nutritional High is building a strong brand offering and combined with their existing infrastructure, is the perfect partner for Golden Triangle’s foray into North America. The reverse is true as well. As we see the cannabis industry mature in Thailand and the rest of Asia, Nutritional High will have a dedicated partner on the other side of the Pacific ready to expand into Asian markets as regulations permit.”
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:
David Posner
Chairman of the Board
Nutritional High International Inc.
647-985-6727
Email: dposner@nutritionalhigh.com
Ethan Karayannopoulos
Director, Investor Relations
Nutritional High International Inc.
416-777-6175
Email: ethan@nutritionalhigh.com
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.