- Building contract has been signed and escrow
funded
- Building comes with 4 cannabis licenses
- Multiyear tenant to pay $30,000 a month in rent
- Option to purchase the remaining 38,000 square feet
COCONUT CREEK, Fla., June 14, 2018 (GLOBE NEWSWIRE) -- Via OTC PR Wire – Bahamas Development Corporation (OTCPINK:BDCI)
subsidiary company Global Consortium, Inc. dba Cannabis Consortium Partners have placed a 25,000 square feet building in Northern
California under contract for $4 million dollars.
The escrow account has been funded and Cannabis Consortium and its Partners have been issued a lease to move in prior to closing
and begin operations.
The building has been granted 4 licenses (2 manufacturing, 1 cultivation, and 1 distribution) a tenant has been lined up to rent
20,000 square feet for cultivation. The tenant has agreed to pay $30,000 a month in rent and a portion of the proceeds from each
harvest.
Cannabis Consortium and its Partners will utilize 5,000 square feet and construct a mezzanine for an additional 1,500 square
feet. This space will be used for manufacturing oils and infusing edibles.
An option has been granted on the other section (38,000 square feet) of the building for $5 million dollars that is currently
rented. The tenant is looking to relocate. The building has been approved for subdivision into condos and the other section of the
building would allow for more than 20 licenses to be granted and those can be leased with each condo.
The City of Sacramento held a series of meetings to curtail the issuance of additional licenses which is why Global Consortium
withdrew its offer to purchase the building. The owner was not willing to see if a license would be granted before Closing.
The new building with the 4 active cannabis licenses would command $9 million dollars. The full building with all the various
licenses it could obtain would be worth several times that amount.
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
