Nutritional High International Inc. (the “Company” or “Nutritional High”) (CNSX:EAT.CN) (OTCQB:SPLIF) (FRANKFURT:2NU) wishes to comment on the recent guidance provided by Canadian Securities Administrators (“CSA”) with respect to their stance on the cannabis issuers focused on the legal cannabis market in the United States.
On October 16, 2017, the CSA has issued Staff Notice 51-352 – Issuers with US Marijuana-Related Activities (“Staff Notice”), which provides guidance for Canadian issuers with operations or investments in the US States which have legalized cannabis for medical or adult recreational use. The Staff Notice sets out the disclosure expectation for issuers, and clarification of the jurisdiction that stock exchanges have with respect to listings.
As the first US-focused cannabis company to complete an initial public offering in Canada, Nutritional High wishes to commend the regulators on providing the guidance. We believe that robust disclosure is an essential pillar of maintaining the integrity of capital markets, which is important in any highly regulated sector. US Cannabis laws are very complex and providing adequate disclosure of the legal framework in full, true and plain disclosure in a form that’s understandable to both retail and institutional investor communities is critical to reaffirming the investor confidence.
Jim Frazier, CEO of the Company commented: “Nutritional High’s management team is committed to taking every precaution to meet these requirements and ensure that investors are always taking informed risks when investing in our Company. We believe that the approach that the Canadian capital market participants have taken has allowed Canada to become the largest source of capital for cannabis issuers in the world, and we applaud the regulators for taking a proactive approach in this regard.”
The Company also wishes to comment on Sections 306 and 325 of the TSX Company Manual, which effectively prohibits cannabis issuers with US operations to list on the TSX or TSXV. Nutritional High is listed on the Canadian Securities Exchange (the “CSE”), which is not affected by this policy as to our knowledge, the CSE has no such restriction. The CSE requires issuers to provide robust disclosure of the legal frameworks and risks, which is in line with Nutritional High’s philosophy.
David Posner, Chairman of the Company further comments: “While the Canadian Licensed Producers will eventually come to the US, the TSX position allows us to continue to penetrate the market and keep a cap on valuations for now. We welcome this clarity from both the CSA and the TSX, and will continue to aggressively tackle the US, Canadian and international markets.”
About Nutritional High International Inc.
Nutritional High is focused on developing, manufacturing and distributing products and nationally recognized brands in the marijuana-infused products industry, including edibles and oil extracts for nutritional, medical and adult recreational use. The Company works exclusively through licensed facilities in jurisdictions where such activity is permitted and regulated by state law.
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:
David Posner, Chairman of the Board
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. Such statements include submission of the relevant documentation within the required timeframe and to the satisfaction of the relevant regulators, completing the acquisition of the applicable real estate and raising sufficient financing to complete the Company’s business strategy. 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 US Securities Act of 1933, as amended (the “US 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 “US Persons”, as such term is defined in Regulation S under the US 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.
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