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MIAMI, July 15, 2019 (GLOBE NEWSWIRE) -- Bhang Inc. (“Bhang” or the “Company”) (CSE: BHNG), a trusted cannabis house of brands with an extensive, award-winning portfolio of over 100 cannabis, hemp-derived cannabidiol (CBD) and terpene products, today announced a joint venture with Oceana Coffee, a leading organic coffee house specializing in single origin coffees from around the world. Under the terms of the agreement, Bhang, which owns 51% of the joint venture, will control the production of CBD coffee products produced under the new Bhang brand “Röst,” as well as terpene coffee products branded “Cosmic Terp.”
Scott Van Rixel, CEO and Chairman of Bhang commented: “We are excited to team up with Oceana Coffee to bring two unique brands together in a rapidly-expanding market that has shown significant interest in our combined products. It has long been our strategy to bring the benefits of CBD and terpenes to a wider market of consumers that are expressing greater interest in incorporating these products into their everyday lives.”
Bhang’s premium coffee beans are a unique, sustainably sourced blend, grown exclusively for Bhang on a private plantation in Central America that has supplied coffee beans to some of the most exclusive hotels in the world. The first shipment of Bhang’s 5,000-pound coffee bean allotment to be used for the CBD and terpene beverage lines was grown in the Honduran high mountains under the strict organic standards of Honduras. “Consumers are more confident in their knowledge of coffee than ever before,” said Van Rixel. “We worked hard to find partners that could provide high-quality artisanal brews which will result in unique products at affordable price points.”
Oceana Coffee utilizes a variety of fair trade and organic coffee beans to take great care in retaining the original characteristics of each batch of beans while creating smooth, flavorful medium-roasts. Oceana has received a myriad of awards for a wide range of its coffee products including top honors at the Golden Bean North America, America's Best Espresso and an International Coffee Award, among others.
“We’ve been familiar with the Bhang brand for nearly a decade and have been extremely eager to work with such a dynamic and trusted cannabis company,” said Scott Angelo, the founder of Oceana Coffee. “This category is a huge opportunity for Oceana, and Bhang’s position as a market leader in the cannabis space has allowed us, as a supplier of fair trade and organic coffee beans, to be active in this new emerging market. We are extremely excited to be working with Bhang to bring these new and in-demand products to market.”
Bhang will also leverage Oceana’s current direct-to-farm supply line of green beans to ensure they are producing the most unique flavors and finest quality of coffee available anywhere in the world. The organic blends will be grown exclusively for Bhang.
Bhang’s Röst and Cosmic Terp branded products will be available in the third quarter of 2019 for purchase in Oceana Coffee Stores and will be distributed across the U.S. in jurisdictions where such products can be legally sold.
Option Grants Note
On July 11, 2019, Bhang began trading on the Canadian Securities Exchange under the stock symbol “BHNG”. Bhang's directors and officers have agreed to a voluntary lock-up in respect of the option grant that was announced on July 12, 2019 where they each committed not to sell, contract to sell or otherwise dispose any subordinate voting shares issued upon the exercise of such options until July 11, 2021. The lock-up covers 8,430,000 options of a total 9,957,500 options that was announced on July 12, 2019.
Bhang is committed to delivering exceptional sensory experiences to consumers at every point in their cannabis journey through its award-winning portfolio of brands. Bhang is a trusted cannabis house of brands with an extensive portfolio of over 100 cannabis, hemp-derived CBD and terpene products, including chocolates, pre-rolls, vapes, gums, beverages, gummies and mouth sprays, among others, that are sold by its licensees and/or by Bhang directly. Since 2010, Bhang has mastered the art of harnessing mutually-beneficial partnerships to bring safe, consistent and delicious products to consumers. Learn more at https://bhangnation.com
About Oceana Coffee
Oceana Coffee Roasters is one of the original coffee roasters in Florida, established by Amy and Scott Angelo in 2009. The company specializes in single origin specialty coffees from around the world. Oceana coffees are carefully roasted in small batches at our roasting house and café in the small village of Tequesta, located in Palm Beach County near Jupiter, FL. Oceana utilizes a variety of fair trade and organic coffee beans, and takes great care to retain the original characteristics of each batch while creating a smooth, flavorful medium-roast. To learn more about Oceana Coffee, Please visit: https://oceanacoffee.com/
FORWARD LOOKING STATEMENTS
This press release contains statements which constitute “forward‐looking information” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to future business activities. Forward‐ looking information is often identified by the words “may,” “would,” “could,” “should,” “will,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “expect” or similar expressions and include information regarding: (i) statements regarding the future direction of the Company (ii) the ability of the Company to successfully achieve its business and financial objectives, (iii) plans for expansion of the Company into new jurisdictions, and (iv) expectations for other economic, business, and/or competitive factors. Investors are cautioned that forward‐looking information is not based on historical facts but instead reflect the Company’s management’s expectations, estimates or projections concerning the business of the Company’s future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although the Company believes that the expectations reflected in such forward‐looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements. Among the key factors that could cause actual results to differ materially from those projected in the forward‐looking information are the following: changes in general economic, business and political conditions, including changes in the financial markets; and in particular in the ability of the Company to raise debt and equity capital in the amounts and at the costs that it expects; adverse changes in the public perception of cannabis; decreases in the prevailing prices for cannabis and hemp products in the markets that the Company operates in; adverse changes in applicable laws; or adverse changes in the application or enforcement of current laws; the cannabis market is highly regulated and those regulations and enforcement priorities of governmental authorities may change; compliance with extensive government regulation and related costs; and other risks described in the Company’s Listing Statement dated July 9, 2019 and filed on www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward‐looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward‐looking information except as otherwise required by applicable law.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the
United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless
registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.