COCONUT CREEK, Fla., May 17, 2018 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- Bahamas Development Corporation (OTCPINK:BDCI) subsidiary company Global Consortium, Inc. DBA Cannabis Consortium has executed an Asset Purchase Agreement purchasing an operating established Cannabis Distillate and brand in California.

Indulge Oils www.indulgeoils.com has been acquired for $4 million dollars consisting of $2 million in cash and $2 million in equity of Global Consortium. Global Consortium has wired $500,000 and issued a Note for $1.5 million due and payable On July 1, 2018, and will issue 2 million shares of its Common stock value at $1.00 per share.

Indulge Oils was being courted by a Canadian firm to go public and was given a valuation of $7 million dollars. Due to our relationship with one of the members of the group that sold Indulge Oils and the fact that Indulge Oils has been our cannabis partner since last year, Cannabis Consortium was able to purchase Indulge Oils at a multiple of 2.5 times assets.

Cannabis Consortium will book total assets of approximately $1.6 million for equipment and inventory.

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.