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TORONTO, July 17, 2019 (GLOBE NEWSWIRE) -- Bhang Inc. (“Bhang” or the “Company”) (CSE: BHNG), a global cannabis house of brands with an extensive 100+ product portfolio, announced today that it has signed an exclusive agreement with a team built around one of the largest distributors in Puerto Rico that specializes in CPG, to distribute Bhang’s full suite of award-winning cannabidiol (CBD) products.
It is expected that the first shipment of Bhang products, which will include CBD Isolate, Cartridges, Chocolate, Pre-rolls, Gum, Vape Pens, Sprays, E-juice, Lip Balms, and the Company’s recently launched Gummies, will be received in 30 days. This distribution agreement offers an opportunity for Bhang to expand the Company’s operational footprint and achieve full Caribbean distribution with its Puerto Rico partner in the near future. Bhang is in the process of finalizing a THC licensing agreement with its partner and will update the market in due course.
“Our ability to partner with today’s largest regional operators demonstrates the strength of the Bhang brand and the success of our vertical expansion program,” said Bhang CEO and Chairman Scott Van Rixel. “With those aspects combined, we provide the industry with the most expansive product portfolios of THC, hemp-derived CBD and Terpene products to evolving cannabis markets around the world. Our entry into the fast-growing Puerto Rico market is yet another step toward our mission to build a true, global house of brands while leveraging partnerships with leading regional operators. This is a very efficient way to expand our brands internationally and we will remain focused on expanding our reach as new markets open."
According to the island's Department of Health, since the legalization of medical cannabis two years ago in Puerto Rico, over 70,000 patients have signed up for the program. The office's goal is to register 100,000 new patients by the end of the year. The government has issued 77 dispensary licenses and 40 have already opened across the island. The cannabis program is expected to generate $100 million in new tax revenue by 2020 and create 20,000 jobs, according to the government and industry proponents.
Bhang’s portfolio of cannabis, hemp-derived CBD and Terpene products includes over 25 CBD products that are available in stores in states where these products are legally sold and through www.bhangcbd.com. The Company recently launched its line of CBD Gummies, which are available in Watermelon and Cherry flavors and contain 15 milligrams and 10 milligrams of CBD respectively in each slice.
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