April 29, 2019
Jamie Blundell, President & COO is pleased to provide the following update on Bhang Corporation, one of CGOC’s private holdings:
Bhang Corporation (“Bhang”), one of CGOC’s private portfolio holdings provided an update to investors on a number of milestones, including its plans to list on the Canadian Securities Exchange (“CSE”).
Bhang has completed and submitted all required documents for listing to the CSE with regards to the previously announced Reverse Takeover Transaction (“RTO”) with Pele Mountain Resources (“Pele”, TSX-V: GEM), whereby Pele will acquire all of the issued and outstanding shares of Bhang and re-list on the CSE. Bhang provided an update to investors which included a corporate and operational update (see Letter to Investors).
Progress to Date:
- Definitive agreement with Pele to acquire 100% of the issued and outstanding shares of Bhang
- Appointment of Miller Thomson as legal advisor, Forbes Andersen as management accounting advisor and MNP as auditor of record post-RTO
- Conditional approval of Bhang on CSE and trading symbol assignment (BHNG)
- Appointed AltaCorp Capital as lead bank with Eight Capital and Echelon Wealth as syndicate partners for the equity round
- Pele Special Shareholder Meeting held to approve the RTO, $45M valuation pre-money, new Directors, name change to Bhang Corporation, stock consolidation, and re-list on CSE
- In February, closed a $5.9M financing round with syndicate partners which included only strategic and value-added investors who will support Bhang as it implements its business plan
- Subscribers will receive their Subscription Receipt shares at closing which will be exchanged into Bhang publicly traded shares upon the final approval of the RTO
With the approval of the audited financial statements, Bhang is now awaiting comments (if any) from the CSE with respect to the remainder of the listing statement and a confirmed date for trading, which is expected in the near-term.
The Company also provided a summary of corporate and operational updates including the appointment of Tom Stein as President. Mr. Stein is an experienced supplier to the spirits and beverage industry and will be charged with the further development and acceleration of strategic growth plans.
Additional Milestones Include:
- Teamed with mainstream lifestyle brands, such as Lululemon, to promote the health benefits of the CBD line
- Once again received the “Best of the Burque Award” FIRST PLACE, for Best Cannabis Edible
- Bhang team will be participating in the upcoming ICBC Zurich event, further cementing its presence in the European market ahead of peers and increasing its distribution pipeline
- New products and distribution: contract with a Kentucky hemp farm to provide a consistent supply of high-quality hemp and CBD isolates at attractive prices, and expansion of the edible product offering to meet consumer demand
- Strategic partnerships and acquisitions: partnership with a leading beet wellness company to distribute “un-BEET-able” organic CBD and beet wellness products; in the process of entering into a JV with a significant player in hemp tobacco, which possesses the largest hemp tobacco platform in North America, with several large distributors interested in making large orders.
Look out for Bhang’s new website and investor deck coming soon.
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For further information please contact Cannabis Growth Opportunity Corporation:
|Website: www.cgocorp.com||Investor Relations Email: firstname.lastname@example.org|
Bhang’s award-winning product portfolio of over 100 cannabis and CBD products include the most-awarded line of cannabis chocolate bars on the planet, as well as a premium collection of pre-rolls, vapes, beverages, gums, mouth sprays, and Bhang-branded merchandise. From public companies to platinum recording artists and organic food companies, Bhang has mastered the art of harnessing mutually beneficial partnerships to bring safe, consistent and delicious products to the world.
For more information please visit www.gotbhang.com