TORONTO, Dec. 30, 2019 (GLOBE NEWSWIRE) — Nutritional High International Inc. (“Nutritional High” or the “Company“) (CSE: EAT, OTCQB: SPLIF) announces that following the December 10, 2019, Nutritional High announcement regarding changes to its California distribution business, Calyx Brands (“Calyx”) , the company has taken action on cost restructuring and has promoted Ken Young to General Manager to ensure the continued viability and success of the Calyx distribution business.
Effective December 16, 2019, Ken Young has been appointed to the newly created role of Executive Vice President, General Manager of Calyx. Concurrently, Dakota Sullivan remains CEO of Calyx and will focus on the strategic review of the business alongside the Nutritional High management team.
Mr. Young brings more than 15 years’ experience in cannabis and consumer packaged goods across a range of operational leadership roles. Most recently, Mr. Young served as VP, Operations for Kurvana, one of the largest manufacturers of cannabis products in California. Prior to joining the cannabis industry, Mr. Young served for three years as Senior Director, Sales and Operations Planning for Young’s Market, a $3B wine and spirits distributor.
“In a very short time, Ken has demonstrated strong leadership and deep understanding of our distribution business, customers, and brands. As the General Manager of Calyx, he will be able to leverage his experience to ensure the near-term success of the business and lead Calyx toward a cash flow-positive operation,” commented Dakota Sullivan, CEO of Calyx.
Calyx has also taken immediate steps to cut costs and develop new lines of revenue generation. Cost reduction efforts have focused on non-critical operational costs and a reduction in administrative headcount while leaving in place its statewide sales organization which will continue to service and grow our leading brands. In addition, Calyx has instituted a division wide pay reduction and certain senior executives of the Company have agreed to reduce or defer salaries to support this transition.
Ken Young, EVP General Manager of Calyx commented, “I am incredibly excited to lead this wonderful company, people, and brands to a new chapter toward profitability. We will leverage this opportunity to double-down efforts and focus on our portfolio of leading brands while optimizing our business model in parallel. I must also acknowledge our amazing, loyal people without which our success would not be possible.”
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 and Instagram or visit www.nutritionalhigh.com.
For further information, please contact:
Chairman of the Board
Nutritional High International Inc.
Director, Investor Relations
Nutritional High International Inc.
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. 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.
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