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COCONUT CREEK, Fla., Aug. 23, 2018 (GLOBE NEWSWIRE) -- via OTC PR WIRE--Bahamas Development Corporation (OTCPINK: BDCI) affiliate company Global Consortium, Inc., dba Cannabis Consortium and its partner Green Matter Holdings, LLC have been notified the 15-acre industrial hemp farm will begin harvesting in October.
The harvesting and drying will take place in October and the sale will take place in November.
Global currently has two buyers lined up to purchase the Bio-Mass for a minimum of $1.5 million and as much as $3 million exceeding the initial estimate per acre. The difference in sale price is dependent on the final weight of the plants after the harvest. Global and Green Matter will split the proceeds 50/50 once the Bio-Mass is sold in November.
For Global this test proves the land is viable and profitable while providing a third stable revenue stream for BDCI.
By the time of the sale in November Global will have consolidated the farm into BDCI and the revenue and income will appear on the 4th quarter report for BDCI.
BDCI will rely on its accounts to guide them on how best to flow the various revenue streams into the parent Company and maximize its net income.
New pictures of the farm have been posted at @Cannabisconsort
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.
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