Cannabis Consortium Closes $1,000,000 Two Weeks Ahead of Schedule
Remaining $200,000 will be received by May 18,
- $2 million revenue Hemp grow started in Northern California
- Private Placement was completed at $0.75 a share
COCONUT CREEK, Fla., May 16, 2018 (GLOBE NEWSWIRE) -- Via OTC PR Wire -- Bahamas Development Corporation (OTCPINK:BDCI) subsidiary company Global Consortium, Inc. dba Cannabis Consortium will receive $200,000 by Friday, May 18, 2018 to finish its Private Placement for $1,000,0000.
The last round will be completed at $.75 a share and will close out the full $1 million ahead of schedule. Global Consortium will issue a total of 1,866,667 shares of its common stock to complete the financing.
Cannabis Consortium and its Partners in California entered into a transaction with an indoor grow facility to grow high-grade cannabis CBD. The revenue from these plants will be approximately $2 million annually. The first grow started a few weeks ago and it will be ready to harvest in approximately 15 weeks.
Cannabis Consortium is still working towards getting the farm in Colorado planted, and is in negotiations with two other growers from other states. The indoor grow will help offset some of the initial needs to fulfill orders for CBD cartridges.
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 Consortium 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 Consortium may own assets in the future that are leased to various licensed entities operating in the cannabis sector. Cannabis Consortium 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.
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
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
GlobeNewswire, a Nasdaq company, is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
- CSE New Listing - Aura Health Inc. Commences Trading on the Canadian Securities Exchange - Video News Alert on Investmentpitch.com
- InvestmentPitch Media Video Discusses FSD Pharma's New Cannabis Clinical Research Collaborative Program in Israel with R&D Partner SciCann Therapeutics - Video Available on Investmentpitch.com
- Petroteq Announces Engagement of Development Firm for PetroBLOQ
- NetworkNewsAudio Announces Audio Press Release (APR) on Lexaria Bioscience Offers Consumers and Investors Viable Alternative for Drug Delivery
- Nexstim OYJ (NXTMH-FI): Pivotal E-FIT trial results expected for late August
- Custodian REIT plc : Issue of equity