Nutritional High (CSE:EAT, OTCQB:SPLIF, FWB:2NU) wishes to provide comments on the results of the Midterm Elections and key regulatory developments in the US.
US voters delivered a split verdict in midterm elections for Congress yesterday evening. The Democrats secured a majority in the House of Representatives while Republicans have further expanded their majority in the Senate. Overall, Democrats have surpassed the 218 seats needed for a House majority while the Republicans increased their seats in the Senate with 51 seats out of 100.
A Good Result for the Cannabis Sector
Senior management at Nutritional High view the results as catalyst for the cannabis sector to reinforce the notion that cannabis in the US has the tipping point on its way to eventual full legal status. Clarity on “banking rules”, according to Bloomberg, could help to close the valuation gap between US stocks and their Canadian counterparts. On the other hand, pro-cannabis legislation would still have to pass the Senate and the Executive Branch but now with recently embattled Attorney Jeff Sessions resigning under pressure from Trump, it seems the path to legalization just got a little clearer.
The STATES Act and Opportunities for Continued Growth
With divided congressional power, there will be opportunity for bi-partisanship on a number of issues including the Strengthening the Tenth Amendment Through Entrusting States Act, S. 3032 (the “STATES Act”), This long-awaited piece of legislation would protect individuals working in cannabis sectors from federal prosecution. The STATES Act was introduced in June 2018 through bi-partisan efforts initiated by Senator Cory Gardner (Republican from Colorado) together with Senator Elizabeth Warren (Democrat from Massachusetts). Senator Elizabeth Warren won re-election which ensures she will push the change to federal law regarding cannabis.
In addition, constituents of Michigan voted to legalize recreational marijuana, making Michigan the first state in the Midwest to do so and the 10th in the US overall demonstrating growing sentiment amongst Americans towards legalization. Voters in Missouri and Utah approved ballot measures legalizing cannabis for medical use, making their states the 31st and 32nd to do so giving confidence to other states to follow suit. However, voters in North Dakota did not pass an initiative to legalize recreational use. The results are largely positive, indicating continuing and growing opportunities the US.
“With development and existing presence in our targeted states of CA, NV, CO, OR and WA, we are excited about the regulatory-positive catalysts and looking forward to deepening Nutritional High’s presence in these markets and seeking ways to leverage our expertise into the new markets,” commented Jim Frazier, CEO of Nutritional High.
About Nutritional High International Inc.
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 Facebook, Twitter, Instagram and Google+ or visit www.nutritionalhigh.com.
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Co-Chairman of the Board
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. The statements relate to potential market expansion and the use of the proceeds of the Offering. Risks that may have an impact on the ability for these events to be achieved include completion of due diligence, negotiation of definitive agreements and receipt of applicable approvals. 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: 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.