Global Consortium, Inc., and Infused
Edibles
Mutually Agree to Rescind Transaction
-
384 million shares to be Cancelled
-
Global will manufacture THC Candy for Infused
Edibles
Coconut Creek, FL --
October 22, 2019 -- InvestorsHub NewsWire -- 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.
About Us:
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.
Forward-Looking
Statements
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.
For additional
information about this release please contact:
Investor
Relations:
www.GCGX.ORG
info@GCGX.ORG
investor@gcgx.com
Twitter:
@Global_GCGXOTC
512-267-2430