Denver, CO , Jan. 17, 2018 (GLOBE NEWSWIRE) -- Bang Holdings Corp. BXNG (The "Company"), through its wholly owned subsidiary, Bang Digital Media - a digital media and ad-tech company that services the cannabis industry, today announced that it has launched its expansion into Canada.
Last month, a report by Statistics Canada estimated that the illegal cannabis market in 2015 was worth as much as $6.2 billion, with Canadians consuming around 700 tonnes of weed. To put that into perspective, this represents approximately two-thirds of the $9.2 billion Canadian beer market and almost as much as their entire $7 billion wine market.
Prime Minister Justin Trudeau is supporting cannabis' full legalization by July of this year, and is keeping taxes on the sale of cannabis relatively low so it can effectively compete against the illegal cannabis market. Despite the lower tax rates, it is still estimated that Canada will be generating up to $400 million in annual tax revenues.
Bang Digital Media Continues to Successfully Execute on Business Plan
"We are excited at the prospect of expanding our reach north of the border," said Steve Berke, Chief Executive Officer of Bang Holdings Corp. "Like their counterparts in the United States, Canadian cannabis companies have been investing into massive grow operations. Next, they must think about not just how to sell their product, but how to brand and market themselves in this multi-billion dollar emerging industry. Ultimately, the market will consolidate and be comprised of only companies that are able to succeed based on a viable business model and their competitive advantages, which will include their branding and digital media presence. We believe Bang Digital Media's branding and digital advertising solutions can help Canadian companies navigate and succeed in this highly competitive market," concluded Mr. Berke.
Looking towards the future, Bang Digital Media has begun to craft branding campaigns for Canadian companies, including fully integrated social media digital real estate packages, including Facebook, Instagram, Twitter, and Snapchat handles, along with website URLs. The Company is actively building a viewership/consumerbase in Canada via their social media network in order to further solidify their commitment to the Canadian cannabis market.
About Bang Holdings Corporation
Bang Holdings Corporation BXNG, through its subsidiary Bang Digital Media, innovates and utilizes new Advertising-Technologies to help cannabis brands connect to cannabis consumers. Through their original content, digital channels, and influencer-based marketing platform, Bang Digital Media enables cannabis brands to bypass a restrictive mainstream advertising system to reach cannabis consumers directly. For more information, please visit our website.
Forward-looking Statements
Certain matters discussed in this press release may contain statements, estimates and projections that involve risks and uncertainties in Bang Holdings Corporation's business that may cause actual results to differ materially from those anticipated by the statements made herein. Such statements, estimates and projections constitute forward-looking statements within the meaning of the federal securities laws. Bang Holdings undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The recipient of this information is cautioned not to place undue reliance on forward-looking statements. No representations or warranties are made as to the accuracy of such forward-looking statements or whether any of the projections included herein will be realized.
Investor/Media Contact: Bill Miller, Vice President, Investor Relations Phone: 844-565-5665 bmiller@irpartnersinc.com Company Contact: Lee Molloy Phone: 303-681-4426 lee@bangholdings.com
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