MIAMI, Dec. 02, 2019 (GLOBE NEWSWIRE) — Bhang Inc. (“Bhang” or the “Company“) (CSE: BHNG) (OTCQX: BHNGF), a global cannabis CPG brand company with an extensive, award-winning portfolio of products, today reported its financial and operating results for the third quarter ending September 30, 2019. All figures in this press release are stated in U.S. dollars unless otherwise noted.
Over the past decade, Bhang has become one of the most-recognized brands in cannabis anchored by our flagship 8X cannabis cup winning chocolate products. Since our official CSE list date in July, Bhang has faced challenging market headwinds and strong skepticism driven by reduced investment and downsizing across the cannabis industry. Despite these challenges, the Company has been laser focused on evolving its portfolio of branded products within existing categories. Through the third quarter, Bhang laid the necessary foundational building blocks with our successful acquisition of Red Ace Organics as well as our announced partnerships to bring Bhang hemp-derived CBD products across Europe and Puerto Rico. The Company also increased its U.S. market exposure to seven states, with Bhang branded THC chocolate bars coming soon to Nevada.
To position the Company on a strong path to profitability, Bhang is now expressly focused on rationalizing its current assets, driving efficiencies through cost and overhead reductions and improving execution on the Company‚Äôs existing product portfolio. As we look forward to 2020, we are confident that the strong foundation we have built in Q3 and throughout 2019 will allow us to rationalize our core product offering, gain the trust of new customers and continue growth across our global retail network.
Key Third Quarter Financial and Operational Highlights
As we move into 2020, Bhang‚Äôs focus over the next several quarters will be to establish Bhang on a solid path to profitability as a cannabis CPG leader. The Company looks toward organic growth within the many product categories and sub-categories where it already has a strong competitive position. Bhang is actively working to reduce and eliminate unnecessary overhead expenditures and ‚ÄúSGA‚ÄĚ expenses that are not aligned with this path to profitability.
Bhang is proud to currently be available in over 1,500 retail locations, 7 states and 2 continents. The Company plans to continue aggressively expanding across geographic areas where its products are sold. In addition to driving increased revenue to its newly acquired investments, the Company will continue to pursue other strategic partnerships to add accretive brand assets to its portfolio, expedite Bhang‚Äôs entry into new markets, and broaden its distribution network to offer consumers worldwide with the most innovative and demanded cannabis products available.
In the meantime, Bhang remains focused on delivering continued operational and financial success and aims to finish 2019 strong. Bhang‚Äôs recent management changes, including former COO Jamie Pearson being promoted to interim President, lend themselves well to the continued growth of the Company‚Äôs leadership and strategy. Other Company leaders are also stepping up to represent Bhang and oversee increased brand awareness such as Bhang‚Äôs CMO Samantha Collins who will be a featured speaker at the cannabis industry‚Äôs largest and longest-running conference, Marijuana Business Conference (MJ Biz Con) on December 12, 2019.
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 company with an extensive portfolio of over 100 cannabis, hemp-derived CBD and terpene products, including chocolates, pre-rolls, gums, and beverages through its wholly-owned Red Ace Organics division, 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 and purchase our award-winning hemp-derived CBD products at http://www.bhangcbd.com/.
FORWARD LOOKING STATEMENTS
This press release contains statements which constitute ‚Äúforward‚Äźlooking information‚ÄĚ 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‚Äź looking information is often identified by the words ‚Äúmay,‚ÄĚ ‚Äúwould,‚ÄĚ ‚Äúcould,‚ÄĚ ‚Äúshould,‚ÄĚ ‚Äúwill,‚ÄĚ ‚Äúintend,‚ÄĚ ‚Äúplan,‚ÄĚ ‚Äúanticipate,‚ÄĚ ‚Äúbelieve,‚ÄĚ ‚Äúestimate,‚ÄĚ ‚Äúexpect‚ÄĚ 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‚Äźlooking information is not based on historical facts but instead reflect the Company‚Äôs management‚Äôs expectations, estimates or projections concerning the business of the Company‚Äôs 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‚Äźlooking 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‚Äźlooking 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‚Äôs 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‚Äźlooking 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‚Äźlooking 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 nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. 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 the securities laws of any state of¬†the United States¬†and may not be offered or sold within¬†the United States or to any ‚ÄúU.S. Person‚ÄĚ¬†(as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.
The Canadian Securities Exchange has not reviewed, approved or disapproved the ‚Äécontent of this news release. ‚Äé
Jamie L. Pearson