Mountain High Acquisitions Corp. Pivots its Focus to Hemp Industry, Signs Binding Letter of Intent with California-based CBD company

SCOTTSDALE, Ariz., Jan. 8, 2020 /PRNewswire/ -- MOUNTAIN HIGH ACQUISITIONS CORP. (OTCQB: MYHI), announces it has signed a binding letter of intent to acquire GPS Associates, LLC a California based company engaged in the formulation, manufacture and sale of CBD products under the retail brand name "Zen Drops" and to its white label customers.  Closing of the acquisition is subject to due diligence, MYHI Board approval, and completion of definitive agreements—all of which are expected to occur within the next 45 days. 

"Now is the time to be focused on the Hemp space," said MYHI CEO Alan Smith. "In the past 12 months we have seen several key indicators that have compelled us to pivot from our previous focus on providing resources to licensed operators in the cannabis space to operating directly in the hemp industry."

"With the 2018 Farm Bill hemp became a legal agricultural commodity in the U.S. In the last quarter of 2019, the Department of Agriculture released its guidelines for regulating this new crop and shortly thereafter banking restrictions on hemp companies were eased by federal and state banking regulators. All of this momentum, combined with the tremendous market interest in hemp-derived CBD globally, makes us confident that this is the right decision for MYHI.  We're now positioning the company to pursue current opportunities in the hemp industry while remaining poised for coming opportunities in a future federally-legal cannabis industry."

About GPS Associates, LLC

GPS is a privately owned California company engaged in the formulation, manufacture and sale of CBD products primarily under their own retail brand "Zen Drops" and for its white label customers.  The company operates from a cGMP facility located in Santa Ana, Calif.  The company's team of professionals includes physiologists, chemists, herbalists and botanists with a commitment to using organic, raw herbs in combination with organic CBD to produce the purest, most effective end products.  For more information visit www.zen-drops.com.

About MYHI

Mountain High Acquisitions Corp. (OTCQB: MYHI) is a holding company focused on the acquisition and development of businesses and other assets within the hemp industry.  www.mountainhighac.com

Press Releases may include forward-looking statements. In particular, the words "believe," "may," "could," "should," "expect," "anticipate," "estimate," "project," "propose," "plan," "intend," and similar conditional words and expressions are intended to identify forward-looking statements. Any statements made in this news release about an action, event or development, are forward-looking statements. Such statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the company. Accordingly, you should not place undue reliance on these forward-looking statements. Although the company believes that the expectations reflected in the forward-looking statements are reasonable, it can give no assurance that its forward-looking statements will prove to be correct. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made as of the date hereof. The company takes no obligation to update or correct its own forward-looking statements, except as required by law or those prepared by third parties that are not paid by the company.

SOURCE Mountain High Acquisitions Corp.

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