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- 384 million shares to be Cancelled
- Global will manufacture THC Candy for Infused Edibles
COCONUT CREEK, Fla., Oct. 22, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- Global Consortium, Inc., (OTCPINK: GCGX) and Infused Edibles, LLC have Mutually Agreed to Rescind their Agreement from May 29, 2018.
The transaction between the parties took place in May of 2018, at which time everyone assumed the Manufacturing facility would be up and running within a few months. Due to changes in the Cannabis market, Infused Edibles has not been able to sell any THC infused products since January of 2018.
The shelves in California are sparse with no dominant player controlling the market, opportunity exists for a new brand to enter the market. Rather than paying $3.5 million in equity for a company that has not been in the THC space for almost 2 years, Global will create a new Edibles brand at a fraction of the cost.
The new brand will be manufactured in Sacramento once Phase 2 of Manufacturing is completed later this year. Global has agreed to manufacture THC infused edibles and other products for Infused Edibles.
Since Global has not monetarily benefited from the Acquisition it will have little impact on the financial health of the Company.
The shares issued for the transaction will be canceled and returned to Treasury reducing the current shares Outstanding by 348,465,711.
Global Consortium, Inc., is building America's First Cannabis Mall in Sacramento, CA which when completed will house Manufacturing, Distribution, Delivery, Retail, Testing, and Cultivation all under one 64,000 square foot building. The Mall will house the largest Manufacturing facility of THC and CBD Distillate and Edibles believed to be operational in the United States. Manufacturing has passed inspection and is currently operating. Global Consortium has leased 25,000 Square feet of the building with a purchase option, the Company is working to secure a first right of refusal for the remaining 39,000 square feet.
Global Consortium, Inc., 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.
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, the release of corporate apps, growth of the 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.