Global Consortium, Inc. Year End
Update
Coconut Creek,
FL -- December 23, 2019 --
InvestorsHub NewsWire -- Global Consortium, Inc., (OTCPINK:
GCGX) would like to take
this time to issue a 2019
year-end
progress
report,
and
provide
an
outlook for the start of 2020.
Currently
owned assets:
We often receive
inquiries from shareholders as to what is owned and not owned by
GCGX. All of the assets within the building are owned by GCGX. The
brand Indulge Oils is owned by GCGX. The Master Lease is controlled
by GCGX. And once purchased, the building itself will be owned by
GCGX. The Company can lease these assets and provide other
management services to additional
operating
companies to generate monthly revenue.
Building
status and permits:
In June
2019
GCGX
received the permit
it was
waiting for to complete work on
the space the Company leases in Sacramento, CA. The
Certificate of Occupancy (CO)
was
finally issued in October of 2019, well over a year
after
the
initial application for the manufacturing licenses
were
made. GCGX continues to
experience delays primarily due to the time it takes
regulators to issue building and other permits, however the number
of new permits required is greatly
reduced
and GCGX expects to pass through this
issue in 2020.
Even though the CO
was issued, the
City of Sacramento
still needs to issue one
additional
permit
for the installation of a vent pipe through the roof for the
roto
vape. The
permit is supposed to be issued this week and if
so,
the vent
will be installed immediately
thereafter.
Indulge
Oils:
The last two stages
of the oil
manufacturing
process
cannot be
completed until the permit for the vent pipe is issued and the vent
installed. In the interim, Indulge Oils has been producing
partial
distillate strictly
in-line with the
permits already issued at the
State and local level. The plan is to
enter final
production once the vent permit
has been issued. Two weeks following the issuance,
commercial oil
sales can
begin.
Once final production
of Indulge Oils begins, GCGX will start generating
revenue from the lease of its
assets as well as
the
management
services GCGX offers to client
companies. The timeline for this phase is estimated for
the first
weeks of January
2020.
Share
Purchase plan:
A portion of
the revenue
earned by
the licensed cannabis company will be used to acquire
GCGX
Common
shares in
the open market. This action
should
help
increase the value of the remaining
GCGX
Common
stock
and allow
more of the money generated by the licensed cannabis company
to directly
benefit
the shareholders of GCGX.
Farming
operations:
The test
hemp
farm in
Colorado proved that GCGX was able to
organize
sufficiently to move rapidly into a farming phase. The company was
able to contract a hemp
seed
manufacturer, contract a farmer, and the equipment purchased worked
perfectly. On a commercial level however,
the
hemp
crop
failed to meet expectations. GCGX does not plan to
work with the same farmer in Colorado.
We have conducted an
extensive "lessons learned" from the
test hemp
farm in Colorado in order to make structural changes to
improve outcomes
in future
farming operations. The biggest issue
with the crop in Colorado was the hemp
seeds
were
planted too late in the season. This meant the plants
didn't have enough
time to
grow to maturity.
As
a result,
the
harvested crop did not have the potency, nor
did it
meet the expected
weight yields.
While the initial
farming operations were not a commercial success
in
2018, they are an
important long-term strategy. Successful
harvests
will
allow
the
Company to operate at
a lower
cost-basis
than similar operations
who purchase
harvested hemp on the open
market.
In furtherance of the
farming strategy, over the balance of
2019 GCGX
held
discussions with landowners and
other stakeholders to secure land in
Florida to grow and process hemp. We plan to
apply
the
lessons learned in Colorado
to any future farming operations in
Florida.
The company has boots
on the ground in Florida which can oversee the project
avoiding many of the major
pitfalls in Colorado. A farm in Florida
will give the Company complete control
and
entitle the Company to 100% of all the revenue generated.
Initially the operation will consist of a farm and
processing facility
which
will morph into edible brand
under the
name "Indulge Edibles" along with oils and nutraceuticals.
The State of Florida
Industrial Hemp program estimates it will be accepting applications
during the first quarter of 2020. GCGX will lease land
and be on standby to submit for the necessary
licenses.
Farming
is timing dependent. According to when the State of Florida
actually issues the permits a full grow of
ten
acres
is possible
for
2020, although this may
be delayed subject to permits and weather conditions.
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. 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
Twitter:
@Global_GCGXOTC
954-906-0098