COCONUT CREEK, Fla., March 02, 2018 (GLOBE NEWSWIRE) -- Via OTC PR Wire -- Bahamas Development Corporation (OTC:BDCI) subsidiary company Cannabis Consortium, Inc., has partnered with a group that will own a percentage of a Pre-ICO marijuana dispensary.
The dispensary currently operates in an under 1,000 square foot, and is relocating to an 8,000 square foot, facility. The new dispensary has current licenses for Retail, Manufacturing, and Cultivation.
There are approximately 160 Pre-ICO licenses in the Los Angeles area and new applications will not be available for about 18 months. Pre-ICO refers to medical marijuana dispensaries that were open before September 14, 2007, when the Medical Marijuana Interim Control Ordinance (ICO) went into effect. The ICO is a city ordinance that prohibited new dispensaries from opening and only allowed Los Angeles dispensaries already in existence to remain open, provided they registered with the City Clerks' Office prior to Nov. 13 of the same year.
The Manufacturing license that comes with the new dispensary is required to produce oil, edibles and concentrates. The Manufacturing license is vital for Cannabis Consortium to produce and sell its own branded patented products throughout California.
The group Cannabis Consortium has multiple years of operational experience in the MJ sector and access to deals that are not publicly advertised. The initial company Cannabis was going to partner with to sell its products through is the lead partner in this group.
The group is investigating the potential of several operating dispensaries in order to purchase percentages that can range up to 50% ownership.
About Cannabis Consortium:
Cannabis Consortium is actively pursuing five (5) revenue streams in the cannabis marketplace:
- Specialty items
- Foodstuffs/Edibles
- Beverages
- Investment
- Research/New Products
The first three (3) revenue streams are comprised of edible products and ancillary items related to the edible marketplace. The 4th stream Invests into other private cannabis operations. The final stream, research, will focus on the medical benefits of CBD oils for the treatment of animals.
Trans Global Group, Inc. is the majority shareholder of BDCI and has an exclusive marketing agreement with Cannabis Consortium for its specialty products.
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
954-905-9896