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Las Vegas, Nevada--(Newsfile Corp. - September 22, 2021) - Bhang Inc. (CSE: BHNG) (OTCQB: BHNGF) ("Bhang" or the "Company"), a global cannabis CPG brand company with an award-winning portfolio of products, has entered into a letter of intent with Jim Belushi's licensing company, Green Globe Data & Research LLC ("GreenGlobe"), to bring co-branded Bhang x Blues Brothers chocolates to the market.
"The amazing chocolatier at Bhang is so inventive!" said Jim Belushi. "Jamie and her team know how to innovate and lead while sharing in the joy and spirit of cannabis. We're excited for this partnership!"
"Bhang's mission is to make the fairly enjoyable ridiculously fun. Working with Jim Belushi and his team is the epitome of fun. We were honored to develop cannabis products with them. Jim is the consummate professional, incredibly passionate about cannabis, and is as dedicated to putting quality first as we are - our teams are a great fit," said Jamie L. Pearson, Bhang President and CEO.
As part of the collaboration, Bhang is making a monthly pledge in addition to providing marketing and promotional support to the Last Prisoner Project, furthering Jim Belushi's commitment to the cause. "The Last Prisoner Project is an organization committed to freeing every last prisoner of the unjust war on drugs, starting with the 40,000 people in prison for cannabis-related offenses, now legal in most states," Pearson added. "We are proud to donate time, money, and product to help bring every last cannabis prisoner home." Jim Belushi is on the advisory board of the organization.
The terms of the agreement as agreed to in the letter of intent - signed on May 21, 2021 - provides for a 50/50 split of royalty revenues as generated by an initial product launch slated for Q3 2021. It also calls for Bhang to develop three additional edible products for GreenGlobe that will be the intellectual property of GreenGlobe with a royalty split of 80/20 in favor of GreenGlobe. The Company will also issue to GreenGlobe 1.5 million subordinate voting shares of Bhang to be valued at the market price of the shares at closing of the definitive agreements. Additionally, the Company will provide GreenGlobe up to 12 million warrants to purchase subordinate voting shares exercisable for a period of two years at CDN $0.12 per share. The warrants will be subject to a number of vesting provisions based on the performance of GreenGlobe under the contract. The shares and warrants will be issued to GreenGlobe (or such other person/entity as directed by GreenGlobe) in the definitive agreements in accordance with all applicable regulatory and exchange rules and will be subject to a statutory hold period and such further restrictions that may apply under foreign securities laws.
Bhang is committed to making the fairly enjoyable ridiculously fun. For over a decade Bhang has delivered exceptional sensory experiences to consumers through its extensive portfolio of over 50 master-chef-created cannabis, CBD and terpene products including gourmet chocolates, pre-rolls, CBD isolate, and Hempsticks™. Bhang's highly-awarded chocolates are among the top-selling edibles in 7 U.S. states and Canada. Bhang's CBD products are globally distributed and are known for being safe, efficacious and delicious. Learn more at www.bhangnation.com and purchase our high-quality CBD products at www.bhangcbd.com.
About Belushi's Farm
What began as a meagre 48 plants during Oregon's medical marijuana program in 2015, today Belushi's Farm encompasses a sprawling and spiritual 93 acres with 1,800 feet of Rogue River riverfront in Southern Oregon's Banana Belt where the sun, water and air make the perfect combination to sustain naturally powerful and beautiful cannabis. Belushi's Farm is home to a range of offerings - Belushi's Secret Stash, The Blues Brothers, Captain Jack's Gulzar Afghanica (a rare strain from the Hindu Kush region that became known in the '70s as "The Smell of SNL"), and GROWING BELUSHI on The Discovery Channel. Having suffered the loss of his brother John to an overdose, and his own journey learning and healing through cultivating cannabis, the farm's proprietor, performer Jim Belushi, is a proponent of the plant's beneficial properties across a spectrum of uses. From enhancing joy and quality of life, mitigating trauma and managing pain, to a harm reduction approach and rebuttal of the opioid abuse epidemic, Jim advocates for patient rights, adult-use legalization, and freeing cannabis prisoners through his work as advisor to Last Prisoner Project, while empowering newcomers to access the profound spiritual and healing powers of quality cannabis.
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; 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 other filings 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.
Neither CSE nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
J. Graham Simmonds
Executive Chairman of the Board
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/97186