MIAMI, Feb. 10, 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 it has received a commitment from long-term Bhang investor, Cannabis Growth Opportunity Corporation (CSE: CGOC), to invest up to CDN$1,500,000 million in a non-brokered private placement offering of units with each Unit comprising of one subordinate voting share in the capital of the Company and one share purchase warrant. Each Warrant is exercisable into one Share at a price equal to a 25% premium to the Unit price for a period of 24 months. The Company has the right to accelerate the expiry of the Warrants to thirty (30) days following written notice to the holder if the Shares close at or above CDN$0.25 per share for a period of ten (10) consecutive trading days on the Canadian Securities Exchange.

The Company intends to use proceeds from the Offering to drive Bhang’s direct-to-consumer growth in California, the Company’s anticipated expansion across three more U.S. states in 2020, as well as the launch of the new Red Ace Organics refreshing functional beverage line.

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/.