COCONUT CREEK, Fla., May 08, 2018 (GLOBE NEWSWIRE) -- Via OTC PR Wire -- Bahamas Development Corporation (OTCPINK:BDCI) subsidiary company Global Consortium, Inc. DBA Cannabis Consortium has reached an agreement to purchase an operating cannabis distillate and brand manufactured and marketed in California.

The cannabis distillate has been servicing the cannabis market for the past 2 years and has quickly become a household name. Their premium oil is in such high demand in the cannabis oil market it has been sought out by some of the largest names in the cannabis industry for private labeling.

The acquisition allows Cannabis's Partners to begin servicing the cannabis distillate market immediately and manufacture a steady supply of premium oil to infuse its' edibles with.

Cannabis Consortium will issue shares of its Common stock at $1.00 per share and cash for the transaction. The funds will be wired into Escrow this week with a Closing anticipated within the next 10 days.

Global Consortium will enter into a lease and licensing transaction with its Partners to operate the Distillate in exchange for a monthly lease payment and 15% of the monthly revenue.

The parties have agreed not to release the name of the Distillate until the transaction has been completed.

About Cannabis Consortium:

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 will receive rent from any asset it leases to the cannabis sector.