- 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, Fla., Oct. 19, 2018 (GLOBE NEWSWIRE) — via OTC PR WIRE — 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 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, 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 that 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, 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 in 15 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 packages.
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 will be 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.
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.
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