Bahamas Development Closes Merger with Global Consortium.
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26 October 2018 - US-based cannabis company Bahamas Development Corp. (soon to be known as Global Consortium, Inc. d/b/a Cannabis Consortium) (OTC: BDCI) and its BDCI Merger Sub, Inc. subsidiary have completed a merger with Global Consortium, Inc., whereby Global merged with and into Merger Sub, with Global surviving, the company said.
In the merger, shareholders of Global were issued shares representing 93.6% of the post-transaction voting and equity interests of Cannabis Consortium, and Global is now a wholly owned subsidiary of Cannabis Consortium.
Articles of merger were filed with the State of Florida on October 18, 2018 to effect the merger.
Cannabis Consortium will shortly file a name change with the State of Nevada to change its name to Global Consortium, Inc. and will file with FINRA next week for the name change and ticker change.
The shareholders of Global will need to surrender their certificates of Global to the transfer agent of BDCI to receive their restricted shares of Cannabis Consortium.
The value based on the transaction was over USD 40m dollars based on the assets of Global which have now been injected into Cannabis Consortium.
Indulge Oils is a cannabis distillate which is manufactured and marketed in California. Indulge Oils has been servicing the cannabis market for 2 years and has quickly become a leader in the industry.
Their premium oil is in such high demand in the cannabis oil market that it has been sought out by some of the largest names in the cannabis industry for private labeling.
Cannabis Consortium will use Indulge to manufacture a steady supply of premium oil to infuse with its edibles. Indulge Oils is a premium "pesticide free" product sought after brand as it is known for its purity and high quality.
Indulge Oils produces clean and pure oils that do not contain any residual particles, are non-toxic and non-carcinogenic. This is why Indulge Oils commands a premium for its oils and cartridges. Indulge Oils will operate 2 to 3 extraction machines in CA, each with the ability to produce 5 liters of oil per day.
Infused Edibles currently has 140 food items it infuses with US grown CBD Isolate.
This is believed to be the largest amount of products produced by a single infused producer, winning over 17 first place awards. Infused Edibles started out as a small, family run candy company in 2012 operating out of a 400 square foot space.
Infused Edibles now operates out of a 6,000 square foot building, servicing 400 stores with 9 sales reps and 8 distributors in 15 states. Infused Edibles is a white label producer for many brands currently on the market.
Cannabis Consortium partnered with Green Matter Holdings and moved forward with the 15-acre industrial hemp farm test.
The partners have hired a local company to supply the farmer with 24,640 industrial hemp clones at the cost of USD5.00 per clone in 3 different strains to be planted on the test site. The farmer is responsible for planting, caring and harvesting the crops.
The partners will pay the farmer a total of USD 100,000. The local company was retained as a consultant to help oversee the planting, growing, and harvesting of the industrial hemp. The harvest will begin next week, then will be hung in the new barn to dry and sold in November.
Industrial hemp yields about 2,700 pound per acre that is sold as bio-mass for around USD49 per pound. An option being explored is to partner with a lab to process the bio-mass which would increase the net per acre from USD 100,000 to over USD 200,000 per acre.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Oct 26, 2018|
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