CANNABIS
CONSORTIUM'S RELEASES
UPDATE
-
City approves
marijuana
licenses
-
The manufacturing equipment begins move into the
new Sacramento
building
-
Infused Edibles generates $500k in sales for
Q2
-
Cannabis Consortium
completes a small
private
placement at $1.00 per
share
Coconut Creek, FL -- July
16, 2018 -- InvestorsHub NewsWire -- Bahamas Development
Corporation (OTCPINK:
BDCI) affiliate company Global Consortium, Inc. dba Cannabis
Consortium Partners have received approval from the City of
Sacramento for the issuance of their 3 cannabis licenses;
Cultivation, Manufacturing and Distribution.
The next step in opening
for business in the new building is the issuance of the City
Business License. This can take 4 to 6 weeks.
As part of the building
purchase, a lease was negotiated to occupy the building while we
were waiting for all the approvals and the closing. Last week, the
extractors which are used to manufacture the "Oil" were moved into
the building. Over the next few weeks, upgrades to the building
including electrical service and the build out of the production
lines will be completed.
Indulge Oils will be
operational in September or October and revenue producing within 10
days from the start of production.
Infused Edibles closed the
quarter with just over $500,000 in sales. Next quarter, the company
will be working with 4 new store fronts that have agreed to stock
their stores with a minimum of 30% of Infused Edible's products.
This will add significantly to the sales in Q3 and Q4. THC will be
added back into the product mix when Indulge Oils begins
operations.
Cannabis Consortium closed
a small private placement for $190,000 at $1.00 per
share.
More updates will be
coming soon and outlined in the quarterly report due by the 15th of
August, including 2 more acquisitions.
Through the various
acquisitions, BDCI ownership in Global Consortium was diluted and
BDCI currently owns about 25% of the company as of the end of June.
Global Consortium is no longer a subsidiary of BDCI and is
currently classified as an affiliate company of
BDCI.
BDCI along with Global
Consortium and its partners are working on a rollup of all the
Cannabis Assets into BDCI and more will be explained within the
June Quarterly financials.
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