Bhang Inc. has entered into a licensing agreement with Mana Supply Holdings to manufacture and sell Bhang products to recreational cannabis retailers in Missouri.
"Mana is excited to welcome Bhang into the growing family of brands we produce for the booming Missouri cannabis market," says Stephanie Cernicek, chief science officer of Mana. "Partnering with a globally-known, high-quality cannabis brand like Bhang helps us meet growing consumer needs in the state, and we look forward to introducing their innovative premium chocolates to our retail customers there very soon."
The agreement is part of Bhang's continued focus on adding new markets and identifying new revenue streams.
"Our strategy going forward is a strong combination of innovation through new IP and market expansion," says Wes Eder, Bhang's global VP of revenue. "We are targeting states experiencing explosive growth in recreational cannabis, which is why we're excited to be working with the confident, dynamic team at Mana."
Following the legalization of recreational cannabis in Missouri in February, the Missouri Department of Health reported over $100 million of cannabis sales ($70 million recreational cannabis and $30 million medical cannabis) for the month.
The companies signed the agreement on April 13 and has a five-year renewable term, currently covering Mana's cannabis manufacturing and supply footprint in Missouri. Currently, the MSO supplies 170 recreational cannabis retailers in the state, out of approximately 200. Bhang products are expected to be available in the state by the end of the second quarter of 2023.
"We have been serving the Missouri community since July of 2022, bringing some of the most respected cannabis brands from around the country into the state," says Christopher Jensen, co-founder and CEO of Mana. "Bhang has been a pioneer in the cannabis industry, and we're excited to bring its chocolate to this growing market."