MIAMI, Jan. 22, 2020 (GLOBE NEWSWIRE) -- Bhang Inc. (CSE: BHNG) (OTCQX: BHNGF), a global cannabis CPG brand company with an extensive, award-winning portfolio of products, announced today that DJ Muggs, co-founder of the Grammy-nominated and renowned hip-hop group Cypress Hill and the leader of Los Angeles art collective Soul Assassins, will be joining Bhang as Chief Brand Strategist where he will focus on the creative direction and strategy of the company.
“It is an honor for me to accept this position,” said DJ Muggs. “My life’s work has been about bringing the culture to the forefront and creating uncompromising art. With Bhang’s heritage, I’m looking forward to joining its award-winning team and making Bhang a household name.”
DJ Muggs rose to prominence as a musician in the 90s but has also helped run several successful business ventures including record labels, publishing companies and investment groups. Having worked as an in-demand producer and remixer over the last 30 years, his credits include legendary acts U2, Depeche Mode, Dizzee Rascal, Die Antwoord, House of Pain, Van Halen, Pearl Jam, Snoop Dogg, Queen, George Michael, and the Beastie Boys. As a co-founder of Cypress Hill, Muggs has produced multi-platinum albums with the group and has sold 40 million records to date. His critically acclaimed work with the Soul Assassins art collective has featured rap talent from Dr. Dre, to the RZA, Mobb Deep and Wyclef Jean.
Jamie Pearson, Bhang President & Chief Executive Officer commented, “Muggs has been a trend setter in mainstream and underground art and music circles as well as a vocal cannabis user and legalization supporter. He identifies and guides trends and talent and we are excited to watch his vision and creativity influence Bhang’s culture and direction.”
Cypress Hill Bhang (CHB)
In conjunction with the announcement, Bhang, through its operating subsidiary, has acquired the 50% membership units in CB Brands, LLC and CB Productions LLC (together, the “JV Entities”) from Cypress Hill Musik, a general partnership owned by the three founding members of Cypress Hill. The JV Entities operate the Cypress Hill Bhang (CHB) joint-venture of which Bhang’s subsidiary was already a 50% owner. Bhang will re-release a bespoke line of cannabis-themed products under the CHB brand with Cypress Hill reflecting the band’s identity and catering to their millions of fans around the world.
The CHB product line will be distributed with cannabis in US states where Bhang THC products can be found and without cannabis worldwide in headshops, smoke shops and through e-commerce channels.
Under the terms of a membership unit purchase agreement, the partners of Cypress Hill Musik received an aggregate 536,016 subordinate voting shares of the Company ("Bhang Shares") at a price of C$0.50 per Bhang Share, representing an agreed purchase price for the acquisition of USD$205,321.22. The Bhang Shares are subject to a four month hold period expiring on May 23, 2020. Under the terms of a trademark license agreement, Cypress Hill Musik will continue to license the rights to the Cypress Hill name on all Cypress Hill branded products sold by CHB for a royalty in an amount equal to 2.5% of gross sales.
About Bhang
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 CBD products at http://www.bhangcbd.com/.
