Nutritional High Announces Establishment of Psychedelic Research Institute Between Kruzo and Rangsit University
Toronto, Ontario--(Newsfile Corp. - June 24, 2020) - Nutritional High International Inc. (CSE: EAT), (OTCQB: SPLIF) ("Nutritional High" or the "Company") is pleased to announce that a subsidiary of Psychedelic Science Corp ("PSC") has entered into an agreement with Rangsit University ("RSU") to develop a cactai based water beverage product and conduct research on psychoactive cactai and mushrooms. The Institute will conduct efficacy studies and trials of alkaloids in cactai for treatment of mental ailments including anxiety, depression and addiction, as well as appetite suppression. As Psilocybin is more progressively legalized, the Institute, in exclusive collaboration with PSC's subsidiary, will engage in the research and development of Psilocybin based products targeted towards the same treatments.
Kruzo LLC ("Kruzo") is a wholly owned subsidiary of Psychedelic Science Corp ("PSC") which Nutritional High has entered into a letter of intent to acquire, per announcement from the Company on June 1, 2020. PSC will also raise a minimum of $1.5 million CAD prior to being acquired by Nutritional High. Further details of the acquisition will be provided once definitive agreements have been negotiated between the Company and PSC.
Kruzo has executed a binding agreement ("Agreement") with RSU Royal Herbal Co. LTD to establish a Psychedelic Research Institute (the "Institute"). The successful execution of this Agreement cements a significant milestone in PSC's strategy towards psychedelic research and global product development.
John Durfy, CEO of Nutritional High, commented, "Entering into this Agreement completes an important milestone in our overall strategy to capitalize on opportunities in the psychedelics space. The establishment of the Institute will serve as our beachhead into this space and a platform to develop high-margin consumer and medicinal products."
Tom Kruesopon, Director at Nutritional High and co-founder of Kruzo commented, "This is a culmination of a lot of hard work, with CBD, herbal medicine and now psychedelics being on the forefront to address a broad range of consumer health and wellness goals. I am proud to be a key facilitator in the establishment of this first ever Psychedelic Research Institute in Asia. This is just the start, and it will be exciting to see where this leads us in the coming years. This is a pivotal step in unlocking the wonders of plant-based medicine."
Per the terms of the Agreement, the goal of the Institute will be to research the efficacy of various psychedelic components found naturally in various entheogenic plants such as cacti, mushrooms and others. In addition, the Institute will investigate the efficacy of various non psychoactive components found in such plants. Kruzo and RSU will look to develop commercially viable consumer and medicinal products targeting the health and wellness markets. All research and development will be done in full compliance with ASEAN GMP standards. The Institute will seek to establish a cultivation facility with a view towards the production of cactai for the purpose of extracting Mescaline, Hordenine and other alkaloids, and mushrooms for the purpose of extracting Psilocybin.
Furthermore, the Institute will immediately commence development of a commercially viable water-based functional beverage with non-psychoactive cactai as the active ingredient (the "Cactai Beverage"). Targeted functions of the Cactai Beverage will include appetite suppression and mild pleasure or euphoria. In accordance with the Agreement, RSU will be responsible for sourcing raw plant material, plant extraction processes, beverage formulation, product testing and the development of the Cactai Beverage. The commercialization of the Cactai Beverage is not expected to require FDA or Health Canada approval in its functional non-psychedelic version. Future psychedelic version will require approval.
Any intellectual property developed within the scope of the Agreement or otherwise through the Institute, will remain the exclusive property of Kruzo. Future projects of the Institute may involve other third parties and grant of intellectual property to those third parties will be subject to prior written approval by Kruzo.
About Nutritional High International Inc.
Nutritional High 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 brought its flagship FLÏ™ edibles and vape product lines from production to market in various markets including Colorado where its award winning FLÏ™ products are manufactured by Palo Verde, LLC. The Company signed a purchase agreement for Palo Verde and is awaiting regulatory approval. In California, the Company distributes products through its wholly owned distributor Calyx Brands Inc. 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.
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. 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: the ability of the Company to complete the full issuance of up to $5 million of Convertible Debenture Units, 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/58483