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Nutritional High revises acquisition agreement with Green Therapeutics

Toronto-based Nutritional High International Inc. revised the terms of its acquisition agreement with Green Therapeutics LLC and reduced the purchase price by half to $9 million.

Nutritional High agreed to acquire a 75% stake in North Las Vegas, Nevada-based medical marijuana company Green Therapeutics in October 2018.

Under the revised agreement, Nutritional High will invest $3 million in Green Therapeutics' business over an 18-month period.

In addition, Nutritional High will issue common shares worth $4 million to the founding members of Green Therapeutics, the price of the shares will be based on the lesser of either 27 cents apiece or the 20-day volume weighted average price three days before the closing.

Nutritional High will also issue secured convertible promissory notes of $1 million due after one year and another $1 million due after two years.

Nutritional High International engages in developing, manufacturing and distributing products and brands in the marijuana-infused edible products and oil extracts industries for nutritional, medical and adult recreational use in the U.S.