DALLAS, April 24, 2018 (GLOBE NEWSWIRE) -- Cherubim Interests, Inc. (OTC:CHIT) (“the Company”), an expansion-stage alternative construction and real estate development company, announces that it has executed definitive agreements to consolidate with Trinity Conglomerate LTD.
The companies have agreed to a convertible debt consolidation, and a stock dividend to the shareholders of record.
“This consolidation will substantially eliminate debt from our books, and provide additional shareholder value as we move forward,” said CEO Patrick Johnson.
Trinity Conglomerate, is a Canadian Federal Corporation that is focused on acquiring and managing assets in growth industries that contribute to developing Sustainable Environments in North America and around the Globe.
According to a report by Ameri Research Inc., the global legal cannabis market was valued at $14.3 billion in 2016 and is estimated to grow at a CAGR of 21.1% between 2017 to 2024, while reaching a value of $63.5 billion by 2024. The market is going through a period of robust growth because of increasing legalization and decriminalization of cannabis products across North America. The report specifies that the legalization trend is moving beyond the U.S. region. Data by Arcview Market Research clarifies that growth of the legal cannabis industry are expected reaccelerate in 2018, as adult use sales ramp up in Canada, California, and Massachusetts along with medical sales in Florida.
While California is the largest market, Canada is projected to show strong sales as well. According to CBC, Canada is one of only two countries, together with the Netherlands - that currently exports cannabis, allowing firms in Canada to take instant benefit of recent medical cannabis legalizations in more than 20 countries. CBC reported that the, "offerings in today's Canada medical marijuana market differ little from those used recreationally - the smokable plant and, more recently, oil extracts. More than 70 companies have licenses from the federal drug regulator, Health Canada, to cultivate, produce and sell medical marijuana, with more than half those licenses granted in 2017 or 2018."
“This move is important for the brand as it allows BudCube Cultivation Systems’ business concept to fully expand into a producer, distributor and exporter of medical cannabis within Canada as well as to other countries outside the United States,” said CEO Patrick Johnson.
About Trinity Conglomerate
Trinity Conglomerate is a holding company that is social-purpose driven. We are focused on acquiring and managing assets in growth industries that contribute to developing Sustainable Communities in North America and around the Globe. Our diverse portfolio of assets range from Traditional and Green Construction, Cannabis Industry Cultivation Technology, Real Estate, Real Estate Property Development and Management, Insurance, Telecom, and AAA Rated Securities.
We are a market-focused, process-centered organization that develops and delivers consistent value to our shareholders and provides a dynamic and challenging environment for our partner companies to thrive.
The company can be found at www.trinityconglomerate.com
About BudCube Cultivation Systems
BudCube Cultivation Systems USA (“BCS”) has developed a proprietary, fully portable and scalable, Controlled Environment Cultivation Technology that serves as a turnkey solution for cultivators of legal medical and recreational cannabis, as well as any other plant species. Coupled with a real estate development and property management business model, BudCube Cultivation Systems can position itself anywhere in the world where the cultivation of cannabis is legal.
BCS provides cultivation solutions for commercial application. It offers cultivators quick entry into a fast-growing market at a price point that is very attractive when compared to the traditional construction and cultivation solution. BCS features a business model unparalleled in the industry and stands to benefit greatly as more and more market participants seek to gain entry into this sector.
For more information, visit www.budcube.com
About Cherubim Interests Inc.
Cherubim Interests specializes in alternative construction projects, as well as covering the entire spectrum of real estate development: due diligence, acquisition, planning, construction, renovation, and management; providing complete beginning-to-end development programs for mixed use, single, and multifamily projects and properties.
For more information, visit www.cherubiminterests.com
Safe Harbor Statement
This release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E and/or 27E of the Securities Exchange Act of 1934 that are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including statements as to the future performance of the company and the risks and uncertainties detailed from time to time in reports filed by the company with the Securities and Exchange Commission. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Although the company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Factors that could cause results to differ include, but are not limited to, the company's ability to raise necessary financing, retention of key personnel, timely delivery of inventory from the company's suppliers, timely product development, product acceptance, and the impact of competitive services and products, in addition to general economic risks and uncertainties.
For more information please contact:
Cherubim Interests, Inc.
Patrick J. Johnson
Chief Executive Officer
(844) 842-8872
pjohnson@cherubiminterests.com
Source: http://www.financialbuzz.com
https://www.cnbc.com/2018/01/24/us-cannabis-companies-look-to-canada-when-going-public.html