- 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, Fla., July 16, 2018 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- 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
