- Initial
Funding for Cannabis Consortium to be in place in October 2017
- CO
office to open in January of 2018
- New FL
Corporate Office will be ready for occupancy December 1, 2017
Coconut Creek, FL -- October 11, 2017 -- InvestorsHub
NewsWire -- Trans Global Group, Inc. (OTCPK:
TGGI) released its Third Quarter Report on October 8, 2017. The
report outlines that the Company is free of all Convertible debt
and the total amount of not only Authorized shares, but Outstanding
shares and the Float have been reduced dramatically.
Trans Global Group, Inc. currently owns about 90% of Cannabis
Consortium, Inc. After completion of the Reg A funding, Trans
Global will still own over 50% of Cannabis. Because the percentage
of ownership Trans Global will retain in Cannabis is over 20%,
Trans Global will need to file consolidated financial
statements.
Cannabis has begun preparing for the filing of a Reg A
application by Thanksgiving and will retain Counsel from Miami, as
well as an auditor from Texas.
Cannabis already has investors lined up to fund operations prior
to the Reg A being submitted. This funding will expedite the filing
of the patents and trademarks as well as samples manufactured using
3D printing technology. These samples will be used to begin selling
Cannabis's food delivery system once the patents have been filed
and are in patent pending status. Orders are expected this quarter
with delivery beginning in the first quarter of 2018.
Cannabis will operate out of a flex space office in West Palm
Beach, FL. The warehouse has space for storage as well as office
space up front. The new office space has enough room to setup a
bullpen for people to contact wholesalers in and out of the MJ
business to sell its patented products. Cannabis will be setting up
an office in Colorado in January 2018 and the company has staff
ready to start selling its products once orders can be taken.
By the second quarter of next year Cannabis should have at least
one set of its own MJ licenses so it can sell all of its products
directly to consumers and wholesale buyers. The company will look
to purchase an existing bakery rather than go through the time to
setup a facility and obtain the necessary approvals to manufacture
and sell food. This simplifies the process so the only new license
required is the MJ edible license. While the MJ edible license
process is still in process the bakery can still operate as a
non-MJ bakery.
Sales from its MJ infused chocolate drink will begin after its
vendors secures all the proper export licensing to ship its product
to the United States. At the same time sales of cocoa powder
products to other edible companies can begin as well.
The Quarterly Report provided the perfect platform to explain
the long-term relationship between Cannabis Consortium, Inc. and
Trans Global Group, Inc. An entire section within the report is
dedicated to the relationship.
More information regarding the statements made in this release
along with more information about Cannabis Consortium can be found
it the 3rd Quarter Report filed on OTCMarkets.
Forward Looking Statement:
The foregoing press announcement contains forward-looking
statements that can be identified by such terminology such as
"believes," "expects," "potential," "plans," "suggests," "may,"
"should," "could," "intends," or similar expressions. Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause the actual results
to be materially different from any future results, performance or
achievements expressed or implied by such statements. In
particular, management's expectations could be affected by among
other things, uncertainties relating to our success in completing
acquisitions, financing our operations, entering into strategic
partnerships, engaging management and other matters disclosed by us
in our public filings from time to time. Forward-looking statements
speak only as to the date they are made. The Company does not
undertake to update forward-looking statements to reflect
circumstances or events that occur after the date the
forward-looking statements are made.
Contact:
Matt Dwyer
matt@transggi.com
954-905-9896
