CANNABIS CONSORTIUM TO ACQUIRE
A CANNABIS DISTILLATE FOR
CASH AND STOCK
-
Approximately $1
million in equipment
assets
-
Current inventory sits at $1
million
Coconut Creek, FL
-- May 8, 2018 -- InvestorsHub NewsWire -- 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