Bhang Inc. BHNGF BHNG has signed a letter of intent to acquire 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.
"We are innovating new products and proprietary delivery methods designed to enhance and complement consumer happiness, lifestyle, and well-being," stated Graham Simmonds, Bhang's interim CEO. "This proposed acquisition is an exciting step on that path, bringing new IP into the Bhang portfolio, and putting us in a position to leverage our global brand recognition with new revenue streams from both existing and new distribution platforms."
The patents and IP that are available to BC Corp. through certain exclusive licensing agreements include mucosal strips and biphasic edibles, which are new delivery methods and formulations for THC, minor cannabinoids, and psychedelic-infused edible products.
Pursuant to the LOI, the company would acquire all of the issued and outstanding common shares of BC Corp on or before March 10, 2023. In consideration for the acquisition, the company would issue to the vendors of BC Corp. CA$1 million in subordinate voting shares of Bhang at a price of CA$0.05 per subordinate voting share. The closing of the acquisition is subject to the approval of Bhang's board of directors, and pending the results of any due diligence and approvals required by any applicable regulatory body.
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