Nutritional High announces exclusive partnership for Jimi Hendrix products
A variety of THC- and CBD-based, non-psychoactive health products are in development
Nutritional High International Inc. is pleased to announce that the company has entered into an exclusive licensing agreement, under which the company may manufacture and distribute various marijuana and hemp-based edible products using the song titles and bearing the likeness of iconic guitarist Jimi Hendrix.
'Jimi Hendrix is one of the most legendary rock guitarists of all time and this partnership should create instant brand recognition for our edible marijuana products by Jimi's fans across North America,' said David Posner, CEO of Nutritional High.
'Entering into brand partnerships with the world's foremost marijuana-related artists is a core component of our strategy, and we are honoured to become part of Jimi's legacy,' he added.
A variety of products under the 'Edibles Experience' banner are in development including the 'Purple Haze' line of THC-based products and the 'Stone Free' line of CBD-based, non-psychoactive health products.
About the license
The license agreement, entered into with Purple Haze Properties LLC on 5 June 2015, grants Nutritional High the exclusive right to manufacture and distribute marijuana and hemp oil-infused products including gummy bears, hard candies and health and energy drinkable products, and non-exclusive rights to manufacture and distribute certain apparel and accessories, in the United States and Canada. The term of the agreement is for 5 years, with a renewal option for an additional five years.
Under the terms of the agreement, Nutritional High will issue to the licensor 3,333,334 common shares in the capital of the company and shall pay additional annual fees and royalties of no less than $1,000,000 during a 5 year period, with such minimums payable in common shares or cash at the company's option.
In addition, Nutritional High announces that it has agreed to issue an aggregate of 700,000 common shares to new personnel who are joining the Company.
'We are pleased to be working with Nutritional High on Jimi's entrance into the marijuana category. Nutritional High brings sophisticated manufacturing and marketing expertise and this will enable them to provide high quality products for Jimi's fans everywhere. We look forward to building a leading presence in this rapidly growing category, both as licensors and as shareholders,' said Andrew Pitsicalis, CEO of Purple Haze Properties.