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MIAMI, Sept. 12, 2019 (GLOBE NEWSWIRE) -- Bhang Inc. (“Bhang” or the “Company”) (CSE: BHNG)(OTCQX: BHNGF), a global cannabis house of brands with an extensive, award-winning portfolio of products, announced today that it has signed a licensing agreement with Cannavative Group to make and distribute Bhang’s award-winning THC-infused chocolates through Cannavative’s extensive dispensary channels in Nevada.
Nevada has one of the most robust cannabis markets in the country. According to the state’s Department of Taxation, the combined adult-use and medical cannabis market saw $580 million in sales during 2018, the first full year of legal recreational sales.
“As Bhang continues to extend our footprint wherever legal cannabis, hemp-derived CBD and terpene products are sold, we will continue to partner with only the best companies that share Bhang’s values,” Scott Van Rixel, Bhang Chairman & CEO. “We are excited to be working with such a like-minded company as Cannavative whose commitment to producing only the highest-quality, consistent products for consumers sets an industry standard.”
The five-year agreement with Cannavative is automatically renewable and provides the company use of Bhang’s intellectual property including its consumable ingredients and packaging supplies for which Cannavative will pay a percentage of its gross sales. According to the agreement, Cannavative will also strictly adhere to Bhang’s formulations and uphold the award-winning quality standards Bhang has developed during nearly a decade in business. Bhang’s products are expected to hit Nevada shelves in the fourth quarter this year.
Jason Crum, Chief Revenue Officer of Cannavative, said about the deal, “We’re thrilled to be partnering with Bhang who we see as a leader in the industry. They’re battle tested and bring a ton of experience to Nevada. We are rounding out our product offering by finding a perfect complement to Cannavative’s vision with such an innovative product. It satisfies a key gap in our product offering and having an 8-time award-winning edible product fill that void is very exciting. We’re excited to leverage off Bhang’s strengths and we see this as a huge win for us.”
The deal with Cannavative, a Reno-based business that distributes to more than 65 dispensaries throughout Nevada and more than 50 in Las Vegas, comes at a moment of global expansion for Bhang. As the Company continues to evolve from an established, trusted regional cannabis brand to a global player in burgeoning cannabis markets around the world—Bhang recently began leveraging its first-mover status in Europe, signing distribution agreements with key CBD distributors on the continent—Bhang remains focused on its “quality first” ethos by providing customers only the best, most enjoyable products available anywhere.
Founded in 2010, Bhang has continued to build on its award-winning edibles product line and today has an expansive portfolio of over 100 cannabis, hemp-derived cannabidiol (CBD) and terpene products (which are sold through its licensees and/or by Bhang directly). Bhang’s portfolio of cannabis, hemp-derived CBD and terpene products also include over 25 CBD products that are available in stores in states where CBD products are legally sold and through www.bhangcbd.com.
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 global 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. Since 2010, Bhang has mastered the art of harnessing mutually-beneficial partnerships to bring safe, consistent and delicious products to the world. Learn more at www.bhangnation.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.
Scott J. Van Rixel
Chairman & CEO