Nutritional High Announces an Update at Its Dispensary Project in Effingham Illinois
C.EAT | 16 hours ago
TORONTO, ONTARIO--(Marketwired - April 5, 2017) - Nutritional High International Inc. (the "Company" or "Nutritional High") (CSE:EAT)(CSE:EAT.CN)(OTCQB:SPLIF)(FRANKFURT:2NU) is pleased to announce an update for its medical cannabis dispensary in Effingham, IL. Since its grand opening in September 2016, The Clinic Effingham ("TCE") has experienced a strong month-to-month growth in sales and stable gross margins, which are attributed to an expanding patient count and a strong patient and physician outreach program.
TCE achieves a monthly returning patient rate of over 90%, which demonstrates a strong and loyal customer base. To service the patient base, TCE has started working with more cultivators licensed with Illinois Department of Agriculture to expand its product offering, and has also hired additional staff in the effort to provide exceptional customer service.
Given the current pace of business, the need for further capital investment has been greatly reduced and the business is running on a profitable basis before tax. Nutritional High has been impressed with TCE's performance and is looking forward to its continued growth.
Jim Frazier, CEO of Nutritional High commented: "We are excited to see the continuing growth of The Clinic Effingham. We are excited to be a part of this important market as the growth continues to accelerate. On behalf of the Nutritional High team we would like to cordially thank our partners for their continuous support and assistance."
Adam Szweras, Director and Secretary of Nutritional High commented: "We're very proud of the tremendous growth TCE staff has achieved over a relatively short period that the dispensary has been operating. The medical cannabis market in the State of Illinois is a model for the country and the world. We are pleased that TCE revenue growth has surpassed our expectations. On behalf of the Nutritional High team I would like to thank TCE team for their hard work."
Medical Cannabis Pilot Program Update
As reported by The Illinois Department of Public Health ("IDPH") on April 5, 20171 has approved applications for approximately 18,300 qualifying patients, since it began accepting applications on September 2, 2014, and approximately 21,300 individuals have submitted a complete application to IDPH. Total retail sales of medical cannabis in the State of Illinois for March totaled $6,352,459, which brings the total retail sales by licensed medical cannabis dispensaries for the calendar 2016 to just over $36 million and to almost $54 million since the program's inception in November 2015. At this time there are 52 medical cannabis dispensaries operating in the state, with TCE continuing to be the only one in ISP District 12.
Sale of Property in Lawrenceville, IL and Option Issuance
Since the Company has elected to move its dispensary from Lawrenceville, IL to Effingham, IL (please see press release dated June 17, 2016), the Company has sold the Lawrenceville property back to its original vendors by paying a consideration of $80,000 in lieu of forgiving the outstanding seller take-back mortgage (please see press release dated June 17, 2016) in the amount of approximately USD $237,000.
The Company's board has also approved the issuance of 5,300,000 stock options ("Stock Options") to directors and consultants. Each Stock Option is exercisable into Common Shares at a price of $0.15 per Common Share for a period of five years from the date of issuance, subject to certain vesting provisions with accordance with the Company's stock option plan.
About Nutritional High International Inc.
Nutritional High is focused on developing, manufacturing and distributing products and nationally recognized brands in the hemp and marijuana-infused products industries, 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 visitwww.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. 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 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.
Chairman of the Board
Nutritional High International Inc.
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