Toronto, Ontario--(Newsfile Corp. - September 13, 2021) - Nutritional High International Inc. (CSE: EAT) ("Nutritional High" or the "Company") has recently mailed the meeting materials for its upcoming annual and special meeting to be held at 10:00 am on September 29, 2021 (the "Meeting"). We remind shareholders that in light of the ongoing concerns related to the COVID-19 pandemic and the limitations on public gatherings the Company is encouraging shareholders and guests not to attend the Meeting in person. Instead, shareholders are encouraged to vote on the matters before the Meeting by proxy, and to participate in the Meeting by teleconference, as follows:
Access Code: 0854411
Shareholders will not be able to vote over the conference line but will be able to ask questions of management at the conclusion of the Meeting.
Details of the business to be conducted at the Meeting can be found in the information circular mailed to shareholders in connection with the Meeting. The Meeting materials are also available under the Company's profile on www.sedar.com and on the Company's website www.nutritionalhigh.com.
One of the items of business to be considered is a special resolution authorizing an amendment to the articles of the Company to establish a class of multiple voting shares and to change the name of the common shares of the Company to "subordinate voting shares".
As announced on September 1, 2021 the Company completed the closing of the acquisition of the business of OutCo Labs Inc. As partial consideration for this transaction the Company issued 72,464,861 special warrants. After adjusting for the consolidation which took effect on September 2, 2021, the special warrants entitle the holders to acquire, for no additional consideration, an aggregate of 3,623,243 multiple voting shares ("Multiple Voting Shares") of the Company provided that the holders of common shares of the Company approve the creation of the Multiple Voting Shares on or before October 8, 2021 and otherwise an aggregate of 36,223,243 common shares in the capital of the Company, with such Special Warrants to be automatically converted into Multiple Voting Shares or common shares, as applicable, forthwith after the Meeting.
Approval of the resolution to authorize the creation of the Multiple Voting Shares will not impact the proportional voting control of the Company's common shareholders. In either case the holders of common shares (immediately prior to the closing of the OutCo transaction) will hold approximately 59.5% of the voting rights attached to the outstanding shares of the Company.
The creation of the Multiple Voting Share structure is consistent with other Canadian listed US Cannabis companies and serves to preserve the Company's foreign private issuer status under the US Securities Act of 1933. As such, management of the Company recommends that shareholders vote in favour of this resolution.
About Nutritional High International Inc.
Nutritional High, to be rebranded High Fusion, is focused on developing and manufacturing branded products in the cannabis industry, with a specific focus on edibles and oil extracts for medical and adult recreational use. The Company works exclusively in jurisdictions where such activity is permitted and regulated by state law.
Nutritional High has manufacturing, retail and cultivation operations in California through its acquisition of the business of OutCo, and owns and operates oil extraction and edible manufacturing facilities in Colorado and Oregon. The Company's brand portfolio includes its award winning FLÏT edibles and vape product, along with a number of new brands, including Red Octopus, planned for launch in the coming months.
The Company also owns Psychedelic Science which is taking steps to investigate the medical benefits of various psychedelic cacti. This division is working toward developing intellectual property for the treatment of diseases with high unmet medical needs.
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:
Chief Financial Officer
Nutritional High International Inc.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/96276