Las Vegas, Nevada--(Newsfile Corp. - April 20, 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, announced today that it has entered into a licensing agreement (the "Agreement") with Mana Supply Holdings ("Mana") to let the multi-state operator ("MSO") manufacture and sell Bhang products to recreational cannabis retailers in the state of Missouri, which legalized the sale of recreational cannabis in February this year.
"Mana is excited to welcome Bhang into the growing family of brands we produce for the booming Missouri cannabis market," says Stephanie Cernicek, Ph.D., Chief Science Officer of Mana. "Partnering with a globally-known, high-quality cannabis brand like Bhang helps us meet growing consumer needs in the state, and we look forward to introducing their innovative premium chocolates to our retail customers there very soon."
The Agreement is part of Bhang's continued focus on adding new markets and identifying new revenue streams to build on its success. "Our strategy going forward is a strong combination of innovation through new IP and market expansion," says Wes Eder, Bhang's Global VP of Revenue. "We are targeting states experiencing explosive growth in recreational cannabis, which is why we're excited to be working with the confident, dynamic team at Mana."
"We have been serving the Missouri community since July of 2022, bringing some of the most respected cannabis brands from around the country into the state," says Christopher Jensen, co-founder and CEO of Mana. "Bhang has been a pioneer in the cannabis industry, and we're excited to bring its chocolate to this growing market."
Following the legalization of recreational cannabis in Missouri this past February, the Missouri Department of Health reported over $100M of cannabis sales ($70M+ recreational cannabis, $30M medical cannabis) for the month. "The opportunity in Missouri is enormous, and Mana's success in the state makes them an ideal partner there," Mr. Eder added.
The Agreement was signed on April 13, 2023, and has a five-year renewable term, currently covering Mana's cannabis manufacturing and supply footprint in Missouri. Currently, the MSO supplies 170 recreational cannabis retailers in the state, out of approximately 200. Bhang products are expected to be available in the state by the end of Q2 2023.
Bhang (CSE: BHNG) (OTC Pink: BHNGF) has been providing consumers around the world with an award-winning portfolio of premium brands for over a decade. With roots in master-chef-created chocolate and cannabis edibles, the Company continues to grow as a global consumer packaged goods company dedicated to providing products designed to enhance and complement consumer happiness, health, and well-being. Find out why life is better with Bhang at bhangnation.com. For additional Bhang news, visit us at bhangnation.com/blogs/press.
About Mana Supply Holdings
Mana is focused on providing the highest quality service, products, and experience in the cannabis industry. It is a multi-state operator thriving in Maryland, Colorado, and Missouri.
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) the ability of the Company to complete its obligations under the Agreement; and (ii) expectations for other economic, business, and/or competitive factors. Investors are cautioned that forward‐looking information is not based on historical facts but instead reflects 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 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.
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Executive Chairman & Interim CEO
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