Bhang Announces Delayed Filing of Annual Disclosure Documents

MIAMI, April 24, 2020 (GLOBE NEWSWIRE) -- Bhang Inc. ("Bhang" or the "Company") (CSE: BHNG) (OTCQX: BHNGF), a global cannabis CPG brand company with an award-winning portfolio of products, announced today that in accordance with Ontario Instrument 51-502 Temporary Exemption from Certain Corporate Finance Requirements of the Ontario Securities Commission (and similar exemptions provided by the securities commissions of British Columbia and Alberta) (collectively, the “Blanket Exemption Order”), which was adopted for the purpose of providing certain filing and other relief to issuers in light of the challenges posed by the COVID-19 pandemic, that the Company will be delaying the filing and delivery of certain of its continuous disclosure documents due to delays caused by the COVID-19 pandemic.

The Company is relying on the Blanket Exemption Order in delaying: (i) the filing of its annual financial statements and related management’s discussion and analysis for the year ended December 31, 2019 (collectively, the “Required Annual Filings”); and (ii) compliance with the delivery requirements of applicable securities laws relating to the Required Annual Filings. The Company’s officers and directors and certain other persons will remain subject to a trading black-out pursuant to which such persons are prohibited from trading any securities of the Company until the end of the second full trading day following the day on which the Required Annual Filings are filed on SEDAR and a corresponding new release is issued by the Company.

The Company currently intends to make the Required Annual Filings on or before June 13, 2020 in accordance with the Blanket Exemption Order.

Since the filing of the Company’s interim financial statements and related management’s discussion and analysis for the interim period ended September 30, 2019, which were filed on November 29, 2019, the Company has disclosed by way of news release or filings on SEDAR, the following significant business developments:

• On December 4, 2019, the Company announced that Jamie L. Pearson had assumed the role of President and Chief Executive Officer, replacing Scott Van Rixel who had stepped down as the Company’s Chief Executive Officer. Furthermore, the Company also provided a corporate update letter to shareholders;
  
  
• On December 30, 2019, the Company announced that Daniel Nauth had been appointed as Interim Chairman of the Board of Directors, replacing Scott Van Rixel who continued to serve as a Director of the Company. Furthermore, the Company announced the issuance of 505,082 subordinate voting shares, at a deemed price of Cdn. $0.145 per share to certain service providers as compensation for services rendered;