Las Vegas, Nevada--(Newsfile Corp. - May 3, 2022) - Bhang Inc. (CSE: BHNG) (OTCQB: BHNGF) ("Bhang" or the "Company"), a global cannabis CPG brand company with an award-winning portfolio of products, announced today that the Ontario Securities Commission has granted the Company's request for a management cease trade order under National Policy 12-203 (the "MCTO"). As previously announced, the application for the MCTO was made by the Company in connection with the anticipated delay in the filing of its financial statements for the year ended December 31, 2021 and the related management's discussion and analysis and certifications (the "Annual Filings").
As previously disclosed, the Company requires additional time to complete the Annual Filings and is working with its auditors to complete the audit of the Company's annual financial statements, and to file the Annual Filings, by the end of May 2022.
During the period in which the MCTO is in effect, the general investing public will continue to be able to trade in the Company's subordinate voting shares. However, for the duration of the MCTO, the Company's Chief Executive Officer and Chief Financial Officer will not be able to trade any securities of the Company. The Company has also imposed a trading blackout on its directors and officers pending filing of the Annual Filings and the Company's interim financial statements and related management's discussion and analysis and certifications for the period ended March 31, 2022.
The Company will comply with the Alternative Information Guidelines set forth in National Policy 12-203 for so long as it remains in default of the requirement to file the Annual Filings. The Company confirms that since the date of its submission for the MCTO on April 18, 2022 (the "MCTO Notice"): (i) there has been no material change to the information set out in the MCTO Notice that has not been generally disclosed; (ii) there has been no failure by the Company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines set out in NP 12-203; (iii) there has not been any other specified default by the Company under NP 12-203; and (iv) there is no other material information concerning the affairs of the Company that has not been generally disclosed.
The MCTO will remain in effect until the Company files the Annual Filings and the MCTO is revoked.
Bhang is committed to making the fairly enjoyable ridiculously fun. For over a decade Bhang has delivered exceptional sensory experiences to consumers through its extensive portfolio of over 50 master-chef created cannabis, CBD and terpene products including gourmet chocolates, pre-rolls, CBD isolate, and Hempsticks™. Bhang's highly-awarded chocolates are among the top-selling edibles in 7 U.S. states and Canada. Bhang's CBD products are globally-distributed and are known for being safe, efficacious and delicious. Learn more at www.bhangnation.com and purchase our high-quality CBD products at www.bhangcbd.com.
This press release contains statements which constitute "forward‐looking information" within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to future business activities. Forward‐ looking information is often identified by the words "may," "would," "could," "should," "will," "intend," "plan," "anticipate," "believe," "estimate," "expect" or similar expressions and include information regarding: (i) statements regarding the future direction of the Company; (ii) the ability of the Company to successfully achieve its business and financial objectives; (iii) plans for expansion of the Company into new jurisdictions; and (iv) expectations for other economic, business, and/or competitive factors. Investors are cautioned that forward‐looking information is not based on historical facts but instead reflect the Company's management's expectations, estimates or projections concerning the business of the Company's future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although the Company believes that the expectations reflected in such forward‐looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements. Among the key factors that could cause actual results to differ materially from those projected in the forward‐looking information are the following: changes in general economic, business and political conditions, including changes in the financial markets; in particular, in the ability of the Company to raise debt and equity capital in the amounts and at the costs that it expects; adverse changes in the public perception of cannabis; decreases in the prevailing prices for cannabis and hemp products in the markets that the Company operates in; adverse changes in applicable laws or adverse changes in the application or enforcement of current laws; the cannabis market is highly regulated and those regulations and enforcement priorities of governmental authorities may change; compliance with extensive government regulation and related costs; and other risks described in the Company's Listing Statement, dated July 9, 2019, and other filings on www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward‐looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward‐looking information except as otherwise required by applicable law.
Neither CSE nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Jamie L. Pearson
President & CEO
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