World News: 14:28 GMT Thursday 30th May 2019. [Nutritional High International Inc. via Globe Newswire via SPi World News]
TORONTO, May 30, 2019 (GLOBE NEWSWIRE) -- Nutritional High International Inc. ("" or the "") ()comments on the signing into law Colorado’s House Bill 19-1090 yesterday afternoon. The new law will permit publicly traded companies to hold marijuana licenses in the State.
Yesterday, May 29, 2019, Colorado Governor Jared Polis signed into law which repeals the provision that prohibits publicly traded companies from holding a marijuana license. The Bill was passed by the Colorado Legislature on April 27, 2019, and was sponsored by two Democrats and two Republicans.
Colorado was the first state in the United States to legalize cannabis for adult use and the initial regulations introduced in 2014 did not permit any out-of-state ownership of MED-licensed cannabis businesses. The regulations were subsequently amended to permit some out-of-state ownership for qualified US residents, capped at 15 individuals, effectively barring public companies from having direct ownership of MED-licensed businesses.
“The new legislation is a win-win for Colorado and the cannabis industry," commented Adam Szweras, Co-Chairman of Nutritional High. “According to BDS Analytics, Colorado sold $1.5 billion of legal cannabis in 2018, second only to California. This new legislation should help maintain Colorado’s status as one of the largest cannabis economies in the world, and effectively opens the floodgates by granting Colorado-based cannabis companies additional avenues for investment. For Nutritional High, the new law paves the way to potentially gaining direct ownership interest in MED-licensed entities.”
The Company currently leases its Pueblo property and equipment to Palo Verde LLC (“”), an independent third-party processor licensed by the State of Colorado. Palo Verde produces various of the Company’s brands under a license agreement. Palo Verde currently manufactures multiple SKU's of the Company’s FLÏ™ branded cannabis products, including: FLI Vape Pens, FLI Syringes, FLI Extracts, FLI Chocolates and FLI Space Joints.
"We're pleased with the progress Palo Verde continues to make as it expands its footprint in the State of Colorado,” says co-Chairman David Posner. “We've seen Palo Verde grow from a startup with only a couple of employees to an established player in a mature market. Our strategic relationship with Palo Verde has allowed us to increase visibility of our FLI brand in one of the largest markets in the country. Growing sales together with recent regulatory headwinds are exciting developments for us and our strategic partners. We have learned a lot on this journey and feel that our experience and connections will enable us to quickly identify opportunities to continue to build value.”
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 , and or visit .
Globe Newswire: 14:28 GMT Thursday 30th May 2019
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