CANNABIS CONSORTIUM'S PARTNER
NEGOTIATES PURCHASE OF
ENTIRE 64,000
SQ.
FT. BUILDING WITH
MULTIPLE LICENSES
-
Building owner to finance part
of the purchase
price
-
50,000 sq. ft. will
have a mezzanine built
and rented at $5-7 sq. ft.
-
A percentage of each grow will be collected
-
Cultivation tenant has been acquired
Coconut Creek, FL -- June
26, 2018 -- InvestorsHub NewsWire -- Bahamas Development
Corporation (OTCPINK:
BDCI) subsidiary company Global Consortium, Inc. dba Cannabis
Consortium Partners have reached a deal with the building owner to
purchase the entire 64,000 sq. ft. building in Northern California
for $9 million dollars.
The building owner has
agreed to hold an interest only note for $4.5 million dollars with
a 60-day balloon payment once the current tenant is successfully
removed from the space or their lease expires. Based on the amount
of rental space available, the ROI for the building purchase is 15
months after rentals begin.
The purchase of the entire
building ensures that Cannabis Consortium and its partners have
full control of the building and all the valuable licenses that go
with the building. The submission of the condo approval from the
state is expected shortly as the building was already
preapproved.
The purpose of the
building is to mezzanine 50,000 sq. ft. to increase rentable square
footage to 100,000 sq. ft. with 10'-12' ceilings. The space can be
then leased in 2,000 sq. ft. parcels at $5-$7 sq. ft. per month
plus a percentage of each grow. The space should generate
approximately $600,000 per month in rent plus the backend payments
from each grow.
The remaining 14,000 sq.
ft. will be utilized for the manufacturing of THC, CBD and infusing
of various items under the edible brands owned by Cannabis
Consortium and its partners. This area can also have a mezzanine
built if additional space is needed.
Cannabis Consortium and it
partners acquired the cultivation company that was going to occupy
20,000 sq. ft. of the building. The previous owner will become an
employee and operate the cultivation space.
With the purchase of the
building and the various licenses combined with the cultivation
acquisition, Cannabis Consortium and its partners have now become a
fully integrated operation. The Group now will control everything
from the seed to manufacturing and distribution of its products
under one roof.
Possession of the building
under the lease is expected to take place the first week of July.
The business license has been ordered. Upon receipt of the business
license, production and sales can begin.
This building is one of
the assets to be bundled together and sold to Global
Consortium.
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