Toronto, Ontario--(Newsfile Corp. - June 4, 2020) - Nutritional High International Inc. (CSE: EAT) (OTCQB: SPLIF) (FSE: 2NU) ("Nutritional High" or the "Company") is pleased to announce that Kruzo LLC ("Kruzo") has formed Psychedelic Science Corp to facilitate its previously announced acquisition by the Company on June 1, 2020. Psychedelic Science Corp. ("PSC"), a company registered in Ontario, will be the parent company of Kruzo and will raise approximately $1.5 million CAD prior to being acquired by Nutritional High.
Psychedelic Science Corp is formed with the mission of, "Assimilation of IP portfolio, product development and commercialization of health benefits derived from naturally occurring psychedelic compounds. Core focus areas will be Mental Ailments such as anxiety, depression and addiction together with Obesity using Peyote (cactai) as a primary solution and Psilocybin (mushrooms) as a secondary solution."
The Company is also pleased to announce the appointment of the following as part of PSC's senior management:
Dr. Duke Fu, President
Dr. Fu has a Doctor of Pharmacy and MBA from University of New Mexico and is one of the few Board Certified Nuclear Pharmacists (BCNP) in the state of Nevada. During his doctoral program, Dr. Fu studied and experimented with mycology, cultivating thirty species of fungi, including eight Psilocybin containing strains. He is also the co-founder and current CEO of Green Therapeutics, a premier cannabis cultivation and manufacturing company operating in Nevada since 2015.
As disclosed in previous filings, Nutritional High has an agreement to acquire 75% of Green Therapeutics. The agreement remains in place and the closing of the acquisition is pending the lift of the moratorium on cannabis license transfers in the State of Nevada.
Somnuek Suchaitanavanit, Head of Product and R&D
Mr. Suchaitanavanit is a Senior Advisor at the Department of Thai Traditional and Alternative Medicine, in the Ministry of Public Health. He also serves on the panel of directors that certify herbal Thai products for the Thai Food and Drug Administration. Mr. Suchaitanavanit is also a former Director of the Office of Thai Cannabis Pharmacists and led the program to legalize THC for medical purposes and CBD products for recreational use in Thailand.
Psychedelic Science Corp is also in the process of finalizing the candidate for the role of Chairman of the Medical Advisory Board with demonstrated experience in plant-based research.
John Durfy, CEO of Nutritional High commented, "We are deeply intrigued with the opportunities that both Peyote and Psilocybin presents for Psychedelic Science Corp and Nutritional High. The formation of Psychedelic Sciences Corp and the appointment of two extremely strong management team members completes an immediate milestone in our overall strategy in this space. Dr. Fu and Mr. Suchaitanavanit are highly respected scientific professionals in their fields. Simultaneously, they all have proven business expertise in new ventures and major program management, which will prove to be invaluable for PSC."
About Nutritional High International Inc.
Nutritional High is focused on developing and manufacturing branded products in the cannabis industry, with a specific focus on edibles and oil extracts for medical and adult recreational use. The Company works exclusively in jurisdictions where such activity is permitted and regulated by state law. Nutritional High has brought its flagship FLÏ™ edibles and vape product lines from production to market in various markets including Colorado where its award winning FLÏ™ products are manufactured by Palo Verde, LLC. The Company signed a purchase agreement for Palo Verde and is awaiting regulatory approval. In California, the Company distributes products through its wholly owned distributor Calyx Brands Inc. 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.
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Chief Financial Officer
Nutritional High International Inc.
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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. 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: the ability of the Company to complete the full issuance of up to $5 million of Convertible Debenture Units, 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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