Bhang Inc (CSE:BHNG, OTCQB:BHNGF) said it plans to launch two new as-yet-unnamed Bhang business units and unveiled a new tie-up with Conrad Florez - a Lima-based Peruvian street artist.
The firm's growth plans, along with the re-emphasis on its aim to foster additional creative relationships, were unveiled this week at MJ Unpacked, the event for cannabis brands and retailers in Las Vegas.
The first new planned business unit will be focused on wholesale distribution and direct-to-consumer opportunities at the retail level within the minor cannabinoid market, which is expected to reach US$26.2 billion by 2028, at a compound annual growth rate (CAGR) of 20.1% (in the US), and the functional mushroom market, which will reportedly reach US$13.6 billion by 2027, rising at a market growth of 8.7% CAGR globally.
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The second will explore opportunities in emerging markets, such as psilocybin mushrooms, said Bhang.
"We are more than our award-winning chocolate and cannabis products," said Graham Simmonds, Bhang's interim CEO in a statement.
"Our goal is to continue growing and evolving as a global consumer packaged goods (CPG) company dedicated to providing products designed to enhance and complement consumer happiness, lifestyle, and well-being."
Bhang aims to solidify its connections in California, the brand's home state, as well as expand into new state-regulated markets and build around federal legalization.
Bhang added that it was "very excited" about its new creative partnership with Conrad Florez, who is strongly influenced by music and graffiti culture and said "his art, like Bhang itself, is constantly evolving."
The new collaboration was developed through Bhang's ongoing partnership with the Soul Assassins, which is "positioned to ensure Bhang stays in tune with creative culture and opportunities."
Soul Assassins was established in 1992 as a brotherhood of artists and visionaries rooted in west coast LA culture, with a heavy influence on the rest of the world.
DJ Muggs, the chief creative officer of Bhang, and co-founder of hip-hop group Cypress Hill, leader of the Los Angeles art collective Soul Assassins, said: "Soul Assassins has been the culture for the last 30 years-and we will continue to push the culture forward on a global level."
Bhang said it has been providing consumers around the world with an award-winning portfolio of premium brands for more than a decade. With roots in master-chef-created chocolate and cannabis edibles, the company continues to grow as a global CPG company dedicated to providing products designed to enhance and complement consumer happiness, health, and well-being.
Contact the writer at giles@proactiveinvestors.com