Las Vegas, Nevada–(Newsfile Corp. – May 1, 2023) – Bhang Inc. (CSE: BHNG) (OTC Pink: BHNGF) (“Bhang” or the “Company“), a global cannabis CPG brand company with an award-winning portfolio of products, is pleased to announce that further to its press release dated March 6, 2023, it has entered into a share purchase agreement (the “Agreement“) with 1352135 B.C. Ltd. (“BC Corp.”) to obtain access to minor-cannabinoid, cannabis, THC, and psychedelic-related patents and intellectual property pivotal in building Bhang’s portfolio beyond chocolate and edible cannabis brands. The transaction was completed and Bhang acquired all the shares of BC Corp. effective on April 28, 2023.
The patents and IP that are available to BC Corp. through certain exclusive licensing agreements include mucosal strips and biphasic edibles, which are new, innovative delivery methods and formulations for THC, minor cannabinoids, and psychedelic-infused edible products.
“This acquisition is a pivotal step along the path of our new strategic vision,” said Graham Simmonds, Bhang’s interim CEO, a direction led by distribution and direct-to-consumer opportunities at the retail level within the minor cannabinoid market, which is expected to reach USD $26.2 billion by 2028, at a CAGR of 20.1% (in the U.S.), and the functional mushroom market, which will reportedly reach $13.6 billion by 2027, rising at a market growth of 8.7% CAGR (globally).
As per the terms of the Agreement, in consideration for all of the issued and outstanding shares of BC Corp., Bhang has issued to the shareholders of BC Corp. an aggregate of $1,000,000 in subordinate voting shares of Bhang (“SVS“), amounting to 20,000,000 SVS at a price of $0.05 per SVS.
