-          Building contract has been signed and escrow funded

-          Building comes with 4 cannabis licenses

-          Multiyear tenant to pay $30,000 a month in rent

-          Option to purchase the remaining 38,000 square feet

COCONUT CREEK, Fla., June 14, 2018 (GLOBE NEWSWIRE) -- Via OTC PR Wire – Bahamas Development Corporation (OTCPINK:BDCI) subsidiary company Global Consortium, Inc. dba Cannabis Consortium Partners have placed a 25,000 square feet building in Northern California under contract for $4 million dollars.

The escrow account has been funded and Cannabis Consortium and its Partners have been issued a lease to move in prior to closing and begin operations.

The building has been granted 4 licenses (2 manufacturing, 1 cultivation, and 1 distribution) a tenant has been lined up to rent 20,000 square feet for cultivation. The tenant has agreed to pay $30,000 a month in rent and a portion of the proceeds from each harvest.

Cannabis Consortium and its Partners will utilize 5,000 square feet and construct a mezzanine for an additional 1,500 square feet. This space will be used for manufacturing oils and infusing edibles.

An option has been granted on the other section (38,000 square feet) of the building for $5 million dollars that is currently rented. The tenant is looking to relocate. The building has been approved for subdivision into condos and the other section of the building would allow for more than 20 licenses to be granted and those can be leased with each condo.

The City of Sacramento held a series of meetings to curtail the issuance of additional licenses which is why Global Consortium withdrew its offer to purchase the building. The owner was not willing to see if a license would be granted before Closing.

The new building with the 4 active cannabis licenses would command $9 million dollars. The full building with all the various licenses it could obtain would be worth several times that amount.

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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Matt Dwyer