Bahamas Development Corporation Completes Merger
with
Global Consortium, Inc.
-
Transaction valued at
over $40 million
-
Name change
amendment with the State of NV to be
filed
-
Articles of merger have
been filed with the State of Florida
Coconut Creek, FL -- October 19, 2018 --
InvestorsHub NewsWire -- Bahamas Development Corporation
(soon to be known as Global
Consortium, Inc. d/b/a Cannabis
Consortium) (OTCPINK:
BDCI) ("Cannabis
Consortium") and its wholly
owned subsidiary BDCI Merger Sub,
Inc. ("Merger Sub")
have completed a
merger with Global Consortium,
Inc. ("Global"), whereby Global
merged with and into Merger Sub, with Global Surviving.
In the merger, shareholders of Global
were issued shares representing 93.6% of the
post-transaction voting and
equity interests of Cannabis
Consortium, and Global is now a
wholly owned subsidiary of Cannabis Consortium.
Articles of merger were
filed with the State of Florida on October 18, 2018
to effect the
merger.
Cannabis Consortium will shortly file a name change with the
State of Nevada to change its name to Global Consortium, Inc. and
will file with FINRA next week for the name change
and a and ticker
change.
The shareholders of Global will need to surrender
their certificates of Global to the transfer agent
of BDCI to receive their restricted shares of
Cannabis Consortium.
The value based on the transaction was over $40
million dollars based on the
assets of Global which have now been injected into
Cannabis Consortium, including those discussed
below.
Indulge
Oils
Indulge Oils www.indulgeoils.com, a cannabis distillate which is manufactured and
marketed in California. Indulge Oils has been servicing the
cannabis market for 2 years and has quickly become a leader in the
industry. 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. Cannabis Consortium will use Indulge
to manufacture a steady supply of premium oil to
infuse with its edibles. Indulge Oils is a premium "pesticide free"
product sought after brand as
it is known for its purity and high quality. Indulge Oils produces
clean and pure oils that do not
contain any residual particles, are non-toxic and
non-carcinogenic. This is
why Indulge Oils commands a
premium for its oils and cartridges. Indulge Oils will operate 2 to
3 extraction machines in CA, each with the ability to produce 5
liters of oil per day.
Infused
Edibles
Infused Edibles www.infusededibles.org currently has 140 food items it infuses with US
grown CBD Isolate. This is believed to be the largest amount of
products produced by a single infused producer, winning over 17
first place awards. Infused
Edibles started out as a small, family run candy company in 2012
operating out of a 400 square foot space. Infused Edibles now
operates out of a 6,000 square foot building, servicing 400 stores
with 9 sales reps and 8 distributors in15 states. Infused Edibles is a white label producer for many
brands currently on the market. Some of these white label products
are sold in the same locations as Infused Edibles. Cannabis
Consortium has been working on expanding Infused Edibles "White
Label" program, and will announce some major new clients
once the Oil manufacturing facility is
operational.
The next 6 months for Infused Edibles
is very exciting with the return of THC products from Indulge Oils.
The company has begun taking preorders and has ordered 50,000
pre-printed state regulated compliant packaging.
A new line of products will be added to
include; nighttime vitamin
gummies, CBD water soluble drink mixes, CBD shampoo/conditioner and
massage oil.
CO Hemp
Farm
Cannabis Consortium partnered with Green Matter
Holdings, LLC and moved forward with the 15-acre industrial hemp
farm test. The partners have hired a local company to supply the
farmer with 24,640 industrial hemp clones at the cost of $5.00 per
clone in 3 different strains to be planted on the test site. The
farmer is responsible for planting, caring and harvesting the
crops. The partners will pay the farmer a total of $100,000. The
local company was retained as a consultant to help oversee the
planting, growing, and harvesting of the industrial hemp.
The harvest will
begin next week, then hung in the new barn to dry and sold in
November. Industrial hemp yields about 2,700
pound per acre that is sold as bio-mass for around $49 per
pound. An option being explored is to partner
with a lab to process the bio-mass which would increase the net per
acre from $100,000 to over $200,000 per acre.
Additional updates on new products and
acquisitions will follow, the Company is currently working on a new
website as well to launch with the approved name and ticker
change.
Cannabis Consortium, 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 Cannabis Consortium'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
Twitter: @CannabisConsort
954-906-0098