ROCKY Mtn High (OTCMKTS:RMHB) reported that the firm has finalized new deals with GHS Investments, LLC which will reduce the firm’s financing costs, and enhance the terms of their outstanding convertible notes with GHS.
Michael Welch, the CEO and President of Rocky Mountain, expressed that they have been extremely delighted with their association with GHS. They helped them during a period when they had very few alternatives because of litigation that the ex-Chairman of the Board had charged against original investor in the firm.
Welch reported that with the support of GHS Investments they got secure capital to settle the Roy Meadows case, giving the way to other funding means for the firm. Rocky Mountain lowered their convertible debt from around $3.53 million on September 30, 2017 to nearly $1.409 million on July 31, 2018, which comprises principal of $563,450 and accrued interest of $46,540 through July 31, 2018 challenged in case with the ex-Chairman and others. The company avoided prospective dilution of around 1.5 billion shares by reducing this convertible debt.
In the month of July, Rocky Mountain reported that the firm has bought all the intellectual property, trademarks, assets, and current business of BFIT Brands, LLC. The company submitted a Form 8-K with the SEC on July 27, 2018.
Michael Welch, the CEO, Chairman and President of Rocky Mountain, expressed that strategic deals are an important part of their business program. They use areas where they have innovative competitive strengths. The team consider that nutrition and fitness are major distribution channels for Cannabidiol-infused products. FitWhey’s offerings will play a major role in making the most of this opportunity.
They intend on launching a Cannabidiol-infused version of FitWhey in the imminent period. FitWhey offers new sales channels to the firm, including convenience stores, fitness clubs and nutrition stores. FitWhey’s robust presence in the region will support retail of company’s HEMPd product line, Rocky Mountain High beverages and Eagle Spirit Spring Water into this dynamic industry.