Here’s the press release
MIAMI, Oct. 09, 2020 (GLOBE NEWSWIRE) — Bhang Inc. (“Bhang” or the “Company“) (CSE: BHNG) (OTCQB: BHNGF), a global cannabis CPG brand company with an award-winning portfolio of products, announced today the Company’s board of directors has accepted the resignation of Graham Simmonds and has appointed Nick J. Richards to fill the board vacancy.
Mr. Richards was nominated as a director by Cannabis Growth Opportunity Corporation (CSE: CGOC) (“CGOC”) pursuant to a subscription agreement between the Company and CGOC dated February 10, 2020, whereby CGOC has the right to appoint a nominee to the Company’s board of directors.
Mr. Richards is a Partner in the tax and cannabis practice groups at Greenspoon Marder LLP. As a former IRS trial attorney, he represents individuals and businesses in tax audits and trials, M&A, managing tax debt, and he advises cannabis companies, both owners and investors, regarding tax and regulatory compliance matters. In addition, he is widely recognized as a leading cannabis industry attorney and has extensive experience in IRC Section 280E and BSA cash reporting requirements. Mr. Richards is also an adjunct professor of law, proud father, husband, and a founding director of CGOC.
Jamie L. Pearson, Director and CEO of Bhang, commented, “On behalf of the board, we wish to extend our gratitude to Mr. Simmonds for his contribution to the Company and we wish him the best in his future endeavors.” She continued, “We thank CGOC for their continued support of Bhang and we welcome Mr. Richards to the board who brings extensive knowledge as a practicing attorney and cannabis industry specialist.”
In connection with the resignation of Mr. Simmonds, the Company’s board of directors has determined to immediately vest all 500,000 restricted stock units of the Company (“RSUs”) that are currently held by Mr. Simmonds. The subordinate voting shares underlying the RSUs shall be issued at a deemed price of $0.075 per share and are subject to a statutory four month and one day hold period from the date of issuance.
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 the #1 and #2 edible in 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. Live Life with a Bhang!