MIAMI, Aug. 06, 2019 (GLOBE NEWSWIRE) — Bhang Inc. ("Bhang" or the "Company") (CSE: BHNG), a global cannabis house of brands with an extensive, award-winning portfolio of products, announced today that it has signed an agreement to import and distribute Bhang's full suite of hemp-derived cannabidiol (CBD) products in key markets across Europe, with distribution into Spain, France, Italy, Belgium, Luxembourg and the U.K.
The 3-year agreement was struck with Barcelona-based CHK Solutions, a leading distributor of premier hemp and CBD products who will distribute Bhang CBD products into Spain, France, Italy, Belgium and Luxembourg. Bhang is also supplying its award-winning CBD products to Winchester MD, a UK-based online provider of CBD products. The value of the agreement will depend upon the distributor orders received. There are currently more than 15 million users of cannabis-derived products in these six European nations, according to a 2019 European Cannabis research report from Prohibition Partners Intelligence and by 2028, these countries will account for more than US$67 billion in cannabis and hemp-derived product sales.
"The Bhang brand continues to draw attention from cannabis markets around the world. As the European Union opens its doors to cannabis and hemp-derived CBD products and demand for award-winning cannabis products increases, there is a significant opportunity for Bhang to further establish its presence in the global cannabis landscape."
– Scott Van Rixel, Bhang Chairman & CEO.
Rixel continued to say that "we spent nine years building Bhang as a market leading brand in the U.S. and with this strategic distribution and supply agreement in place, we intend to serve these high-growth markets and position Bhang as a leading CBD player throughout Europe."
As Bhang continues to evolve from an established, trusted, regional cannabis brand to a global player in burgeoning cannabis markets around the world, the company is leveraging its first-mover status in Europe, which is lacking any dominant brands, and has the infrastructure in place to quickly scale across countries.
"The demand for Bhang products outside of the United States has been surging for years. We receive numerous inquiries each week from potential distribution partners but our team has been very selective and strategic around who we let represent us in different markets around the globe," added Van Rixel.
According to a European CBD and Cannabis Market 2019 Report by the Brightfield Group, a market intelligence firm for the cannabis industry, it is estimated that the current US$318 million European CBD market will boom over 400% to exceed US$1.6 Billion over the next four years.
"Our strategy in Europe is to work with only the highest quality, hemp-derived cannabidiol (CBD) products," said Reza Mohd Ali, Business Development Manager at CHK Solutions, "Bhang is widely known in Europe as a top cannabis house of brands. The demand for Bhang products has been growing for years and finally legislation is catching up with that demand."
While lagging behind North America in cannabis legislation, the European Union has recently made strides in broadening access to medical cannabis for its citizens. And considering the continent's large population, high GDP and easily accessible nationalized healthcare, the Company projects that Europe will be among the most important markets for producers of cannabis-based products.
In addition, Bhang is evaluating distribution opportunities in Asia where Prohibition Partners estimates the medicinal and recreational cannabis markets could be worth over $8.5 billion by 2024.
Bhang is committed to delivering exceptional sensory experiences to consumers at every point in their cannabis journey through its award-winning portfolio of brands. Bhang is a trusted global cannabis house of brands with an extensive portfolio of over 100 cannabis, hemp-derived CBD and terpene products, including chocolates, pre-rolls, vapes, gums, beverages, gummies and mouth sprays, among others. Since 2010, Bhang has mastered the art of harnessing mutually-beneficial partnerships to bring safe, consistent and delicious products to the world.