- Approximately $1 million in equipment assets
- Current inventory sits at $1 million
COCONUT CREEK, Fla., May 08, 2018 (GLOBE NEWSWIRE) -- Via OTC PR Wire -- Bahamas Development Corporation (OTCPINK:BDCI) subsidiary company Global Consortium, Inc. DBA Cannabis Consortium has reached an agreement to purchase an operating cannabis distillate and brand manufactured and marketed in California.
The cannabis distillate has been servicing the cannabis market for the past 2 years and has quickly become a household name. Their premium oil is in such high demand in the cannabis oil market it has been sought out by some of the largest names in the cannabis industry for private labeling.
The acquisition allows Cannabis's Partners to begin servicing the cannabis distillate market immediately and manufacture a steady supply of premium oil to infuse its' edibles with.
Cannabis Consortium will issue shares of its Common stock at $1.00 per share and cash for the transaction. The funds will be wired into Escrow this week with a Closing anticipated within the next 10 days.
Global Consortium will enter into a lease and licensing transaction with its Partners to operate the Distillate in exchange for a monthly lease payment and 15% of the monthly revenue.
The parties have agreed not to release the name of the Distillate until the transaction has been completed.
About Cannabis Consortium:
Cannabis Consortium does not own or operate any licensed cannabis operation. Cannabis Consortium is entitled to receive 15% of the annual net revenue collected by its partners from every project it is involved with. The Company is also entitled to receive 15% of the proceeds its partners receive should any company be sold. Cannabis acts as a consultant in these transactions and is not involved in any day-to-day operations or decision making for any of the licensed cannabis operations. Cannabis may own assets in the future that are leased to various licensed entities operating in the cannabis sector. Cannabis will receive rent from any asset it leases to the cannabis sector.
Bahamas Development Corporation, in compliance with SEC regulations, may in the future use social media outlets like Facebook or Twitter and its own website to announce key information in compliance with Reg FD.
Forward-Looking Statements
This news release contains "forward-looking statements" as that term is defined in Section 27(a) of the United States Securities Act of 1933, as amended and Section 21(e) of the Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, estimates of services and equipment markets, release of corporate apps, growth of platform, target markets, product releases, product demand and, business strategy. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects and development stage companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also consider that any investment in securities is at risk.
Details of the Company's business, finances, appointments and agreements can be found as part of the Company's continuous public disclosure on otcmarkets.com.
For additional information about this release please contact:
Investor Relations:
Matt Dwyer
matt@cannabisconsortium.net
www.cannabisconsortium.net
954-906-0098