Bhang Inc. has completed its acquisition of 1352135 B.C. Ltd., which allows the company access to patents and intellectual property related to minor cannabinoids, cannabis, THC and psychedelics.
Bhang announced the acquisition of 1352135 B.C. Ltd. (BC Corp) in March, along with its goal to expand its portfolio beyond chocolate and edible cannabis brands. The transaction was completed on April 28.
The patents and IP that are available to BC Corp through certain exclusive licensing agreements include mucosal strips and biphasic edibles, which are innovative delivery methods and formulations for THC, minor cannabinoids and psychedelic-infused edible products.
"This acquisition is a pivotal step along the path of our new strategic vision," said Graham Simmonds, Bhang's interim CEO.
As per the terms of the agreement, in consideration for all of the issued and outstanding shares of BC Corp., Bhang has issued to the shareholders of BC Corp. an aggregate of $1 million in subordinate voting shares of Bhang ("SVS"), amounting to 20,000,000 SVS at a price of $0.05 per SVS.
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