- Planting 24,640 industrial hemp clones in 3 strains
- The partners retained a local consultant to assist in overseeing the test
- Executed documents and a picture of the seedlings has been posted to OTCMarkets.com
COCONUT CREEK, Fla., June 18, 2018 (GLOBE NEWSWIRE) -- Via OTC PR Wire -- Bahamas Development Corporation (OTCPINK:BDCI) subsidiary company Global Consortium, Inc., dba Cannabis Consortium has 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 in between the time of the execution of the agreement and harvesting the crops.
The local company has been retained as a consultant to supply the clones and help oversee the planting, growing, and harvesting of the industrial hemp.
The partners will share the expenses 50/50 associated with the planting, irrigation, weed control, drip line, mulch system, filters, mainline, mulch plastic components, clones, fertilizer and the harvesting expense of the industrial hemp.
The farmer estimates two crop grows annually. If the initial test is proven, the next step is to plant up to 600 acres of hemp.
Originally we were led to believe there were as many as 800 acres available to plant. The actual total available acreage after the test is 600 acres. If all 600 acres are planted, the estimated gross revenue expected to accrue annually is $120,000,000 minus $20,000,000 in operating expenses, resulting in a net of $100,000,000.
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
