- Initial Funding for Cannabis Consortium to be in place in October 2017
- CO office to open in January of 2018
- New FL Corporate Office will be ready for occupancy December 1, 2017
Coconut Creek, FL -- October 11, 2017 -- InvestorsHub NewsWire -- Trans Global Group, Inc. (OTCPK: TGGI) released its Third Quarter Report on October 8, 2017. The report outlines that the Company is free of all Convertible debt and the total amount of not only Authorized shares, but Outstanding shares and the Float have been reduced dramatically.
Trans Global Group, Inc. currently owns about 90% of Cannabis Consortium, Inc. After completion of the Reg A funding, Trans Global will still own over 50% of Cannabis. Because the percentage of ownership Trans Global will retain in Cannabis is over 20%, Trans Global will need to file consolidated financial statements.
Cannabis has begun preparing for the filing of a Reg A application by Thanksgiving and will retain Counsel from Miami, as well as an auditor from Texas.
Cannabis already has investors lined up to fund operations prior to the Reg A being submitted. This funding will expedite the filing of the patents and trademarks as well as samples manufactured using 3D printing technology. These samples will be used to begin selling Cannabis's food delivery system once the patents have been filed and are in patent pending status. Orders are expected this quarter with delivery beginning in the first quarter of 2018.
Cannabis will operate out of a flex space office in West Palm Beach, FL. The warehouse has space for storage as well as office space up front. The new office space has enough room to setup a bullpen for people to contact wholesalers in and out of the MJ business to sell its patented products. Cannabis will be setting up an office in Colorado in January 2018 and the company has staff ready to start selling its products once orders can be taken.
By the second quarter of next year Cannabis should have at least one set of its own MJ licenses so it can sell all of its products directly to consumers and wholesale buyers. The company will look to purchase an existing bakery rather than go through the time to setup a facility and obtain the necessary approvals to manufacture and sell food. This simplifies the process so the only new license required is the MJ edible license. While the MJ edible license process is still in process the bakery can still operate as a non-MJ bakery.
Sales from its MJ infused chocolate drink will begin after its vendors secures all the proper export licensing to ship its product to the United States. At the same time sales of cocoa powder products to other edible companies can begin as well.
The Quarterly Report provided the perfect platform to explain the long-term relationship between Cannabis Consortium, Inc. and Trans Global Group, Inc. An entire section within the report is dedicated to the relationship.
More information regarding the statements made in this release along with more information about Cannabis Consortium can be found it the 3rd Quarter Report filed on OTCMarkets.
Forward Looking Statement:
The foregoing press announcement contains forward-looking statements that can be identified by such terminology such as "believes," "expects," "potential," "plans," "suggests," "may," "should," "could," "intends," or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. In particular, management's expectations could be affected by among other things, uncertainties relating to our success in completing acquisitions, financing our operations, entering into strategic partnerships, engaging management and other matters disclosed by us in our public filings from time to time. Forward-looking statements speak only as to the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.