- Remaining $200,000 will be received by May 18, 2018
- $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 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.
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