Nutritional High International Inc. (CSE:EAT) has closed its acquisition of Calyx Brands Inc., a leading distributor of cannabis products throughout California. Calyx also has conditional approval for a Distributor and Transporter Permit issued by the City of Oakland, as well as a Temporary Medicinal Distributor License and a Temporary Recreational Distributor License issued by the California Bureau of Cannabis Control.
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Consideration for the Calyx Brands acquisition included a total of USD$400,000 cash, USD$400,000 worth of Nutritional High common shares (representing about 2,025,412 shares), and a USD$950,000 promissory note. Additional cash and shares may also be paid during an earn-out period.
Jim Frazier, CEO of Nutritional High, commented:
"We are very pleased to have closed the acquisition of Calyx and look forward to integrating the Calyx team into our operations across North America. We believe Calyx will provide a strategic platform and established sales channel for our FLI branded products. Calyx has played a key role in the FLI Branded product launch in California and has successfully landed a number of the major dispensaries in the market. Our goal is to expand Calyx into all regions of California and develop programs that will be keyed to customer satisfaction and deliver solid results for our clients."
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On top of Calyx, Nutritional High recently announced the acquisition of another cannabis producer. Earlier this week, Nutritional High announced that it intends to acquire a 75% interest in Green Therapeutics LLC, an established producer based in Nevada. The parties also entered a binding lock-up agreement, while purchase and sale agreements are still being negotiated.
Moreover, Nutritional High yesterday closed an $8 million private placement of convertible debenture units priced at $1,000 each. According to the company, it plans to deploy additional capital in Nevada, California, and Washington with this latest round of financing.
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