Bhang Provides Corporate Update - Seite 2

Sam Collins, Chief Marketing Officer of the Company, commented, “Bhang’s mission is to create finely-crafted cannabis products that turn the fairly enjoyable into the ridiculously fun. Bhang’s new packaging perfectly embodies this spirit. It was a pleasure to work with such talented artists to bring it all together.”

In the decade since Bhang was founded, the Company has received dozens of top honors for its edible cannabis and cannabidiol-based products. Most recently, Bhang won the Best Cannabis-Infused Chocolate Award at WeedCon West 2019 as well as Best Cannabis Chocolate in New Mexico from Dank Magazine and Best Cannabis Edible from Best of Burque 2019. Other top edible honors included over twenty-two High Times’ Cannabis Cup Best of Awards and acknowledgments from a diverse range of competitions such as the Medical Cup, Chalice Cup, Patients Choice and the 805 Cannabud Cup, among others.

Share Issuances and Incentive Security Grants

On April 21, 2020, Bhang issued a total of 1,678,572 subordinate voting shares of the Company to a former arm’s length consultant of the Company, at a deemed price of Cdn. $0.14 per share, in settlement of Cdn. $235,000 of accounts payable for services rendered. Such shares are subject to a statutory four month and one day hold period expiring on August 22, 2020.

On April 21, 2020, Bhang granted options to purchase an aggregate of 370,000 subordinate voting shares of the Company (the “Stock Options”) to certain employees of the Company. The Stock Options are exercisable at a price of Cdn. $0.11 per share for a period of five years from the date of issuance.

On April 21, 2020, Bhang granted 100,000 restricted stock units of the Company (the "RSUs") to an employee of the Company. Upon issuance, 33,333 of the RSUs vested immediately, 33,333 shall vest on January 1, 2021 and 33,334 shall vest on January 1, 2022.

On April 21, 2020, the Company granted 430,000 restricted shares of the Company (the "Restricted Shares") to certain employees of the Company which have been issued as subordinate voting shares. Upon issuance, 143,333 of the Restricted Shares vested immediately, 143,333 shall vest on January 1, 2021 and 143,334 shall vest on January 1, 2022. A total of 180,000 of the Restricted Shares were granted to an executive officer of the Company.