- Candy company revenues over prior 12-months were approximately $2 million
- $600,000 in pending orders comesalong with the deal
COCONUT CREEK, Fla., April 12, 2018 (GLOBE NEWSWIRE) -- Via OTC PR Wire -- Bahamas Development Corporation (OTCPINK:BDCI) subsidiary company Cannabis Consortium, Inc. and its partners are acquiring an exclusive license to manufacture and distribute in California the entire range of THC and CBD products belonging to an award winning Edible Infused Candy Company. The Candy Company is also headquartered in California.
The Edible Company currently has distribution in approximately 400 retail outlets and generated approximately $2 million in revenue over the prior 12-month period. The 400 outlets and all of their revenue will be collected and serviced by the Partners of Cannabis. A small royalty per unit has been established.
The Edible Company gives Cannabis an instant and expanded network to distribute its non-competing products in CA while working with its current Cannabis Distillate partners' distribution channels in California and Oregon. The new retail location just outside Los Angeles will also carry the products for sale, as will every other dispensary acquired.
Cannabis and its Partners have a purchase option contained within the License Agreement to purchase 100% of the Edible Company.
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 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 may own assets in the future that are leased to various licensed entities operating in the cannabis sector. Cannabis would collect a premium rent from any asset it leases to the cannabis sector.
About Cannabis Consortium:
Cannabis Consortium is actively pursuing five (5) revenue streams in the cannabis marketplace:
- Specialty items
The first three (3) revenue streams are comprised of edible products and ancillary items related to the edible marketplace. The 4th streams Investments into other private cannabis operations. The final stream, Research, will focus on the medical benefits of CBD oils for the treatment of animals.
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.
For additional information about this release please contact:
Source:Bahamas Development Corporation