Bhang Inc, an international global cannabis CPG brand company has penned a letter of intent with Jim Belushi's licensing company Green Globe Data & Research LLC, to develop co-branded Bhang x Blues Brothers chocolates to the market.
The terms of the agreement provide for a 50/50 split of royalty revenues generated by the initial product launch which is slated for Q3 2021.
Additionally, the deal will also see Bhang develop three additional edible products for GreenGlobe that will be the intellectual property of GreenGlobe with a royalty split of 80/20 in favor of GreenGlobe.
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"The amazing chocolatier at Bhang is so inventive!" Jim Belushi, actor and entrepreneur said in the statement. "Jamie and her team know how to innovate and lead while sharing in the joy and spirit of cannabis. We're excited for this partnership!"
Belushi's Farm is home to a range of offerings including: Belushi's Secret Stash, The Blues Brothers and Captain Jack's Gulzar Afghanica, a rare strain from the Hindu Kush region that became known in the '70s as "The Smell of SNL".
"Bhang's mission is to make the fairly enjoyable, ridiculously fun. Working with Jim Belushi and his team is the epitome of fun,” Jamie Pearson, Bhang’s President and CEO said in the press release.
“We were honored to develop cannabis products with them. Jim is the consummate professional, incredibly passionate about cannabis, and is as dedicated to putting quality first as we are - our teams are a great fit,” she added.
Another part of deal will see Bhang make a monthly pledge in addition to providing marketing and promotional support to the Last Prisoner Project, a non-profit cannabis reform initiative, where Belushi serves on the advisory board.
"The Last Prisoner Project is an organization committed to freeing every last prisoner of the unjust war on drugs, starting with the 40,000 people in prison for cannabis-related offenses, now legal in most states," Pearson said. "We are proud to donate time, money, and product to help bring every last cannabis prisoner home."
Bhang has also committed to issue GreenGlobe 1.5 million subordinate voting shares of Bhang to be valued at the market price of the shares upon closing of the definitive agreements. Additionally, Bhang will provide GreenGlobe up to 12 million warrants to purchase subordinate voting shares exercisable for up to two years at a C$0.12 per share price.
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