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Indiva and Bhang Enter Amended License Agreement
LONDON, Ontario – July 21, 2020: Indiva Limited (the “Company” or “Indiva”) (TSXV:NDVA) (OTCQX:NDVAF) is pleased to announce that it has entered into an amended license agreement (the “Amended License Agreement”) with Bhang Corporation (“Bhang”), replacing the previous license agreement that was entered into in connection with the joint venture (the “JV”) between Indiva and Bhang, as previously announced in the Company’s press release dated April 19, 2018.
The Company and Bhang have agreed that Bhang’s interest in the JV will be conveyed to the Company and the joint venture agreement between the parties will be terminated. This is in exchange for the Amended License Agreement, whereby Bhang will receive a net royalty on the sale of Bhang products manufactured and sold by the Company. Under the Amended License Agreement, the Company has the exclusive right to manufacture and sell Bhang THC-infused chocolate products in Canada, and the non- exclusive right to export those products internationally.
Indiva believes the Amended License Agreement will be mutually beneficial to the Company and Bhang moving forward.
“We are very pleased to have reached an amended exclusive agreement with Bhang to continue producing and distributing Canada’s #1 cannabis-infused chocolate,” said Niel Marotta, president and CEO of Indiva. “The performance and market share of Bhang SKUs in Canada speak for themselves, and we are delighted to continue to work with the Bhang team as their Canadian licensee for many years to come.”
“In the six months since Bhang has been launched, our partnership with Indiva has established Bhang into one of Canada’s top edible brands. We look forward to continuing our dominance of the market with Bhang’s outstanding chocolate products and Indiva’s excellent operational capacity. We believe this amended agreement solidifies our ability to operate in the most efficient manner possible for both companies,” commented Jamie L. Pearson, Bhang’s President and CEO.
Indiva sets the standard for quality and innovation in cannabis. As a Canadian licensed producer, Indiva creates premium pre-rolls, flower, capsules, and edible products and provides production and manufacturing services to peer entities. In Canada, Indiva produces and distributes the award-winning Bhang® Chocolate, Wana Sour Gummies, Ruby® Cannabis Sugar, Sapphire™ Cannabis Salt and other Powered by INDIVA™ products through license agreements, partnerships and joint ventures. Click here to connect with Indiva on LinkedIn, Instagram, Twitter and Facebook, and here to find more information on the Company and its products.
Bhang Inc. (CSE: BHNG) (OTCQX: BHNGF) 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 US states and the #1 and #2 edible of 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. Live Life with a Bhang!
Meagan Kelly, Marketing and Communications Specialist
Email: [email protected]
Steve Low, Investor Relations
Email: [email protected]
Disclaimer and Reader Advisory
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release or has in any way approved or disapproved of the contents of this press release.
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the parties’ current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the Amendment, the expectations of management regarding the Amended License Agreement. These forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Risks that could change or prevent these statements from coming to fruition include the Amended License Agreementnot being as favourable to the Company as it currently anticipates. The forward-looking information contained in this release is made as of the date hereof and the parties are not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward looking information. The foregoing statements expressly qualify any forward-looking information contained herein.