- The company’s annual license for manufacturing recreational and medicinal cannabis products was recently renewed by the State of California
- GCGX’s cannabis mall is under construction in Sacramento, with a goal of beginning production of Infused Edibles products there by the end of the second quarter
- The company’s ultimate goal is to be listed and traded on the Nasdaq
Diversified cannabis holding company Global Consortium Inc. (OTC: GCGX) remains committed to its goal of beginning the registration process to be listed and traded on the Nasdaq by mid- to late-June of this year, CEO Matthew Dwyer said during an investor conference call (http://nnw.fm/YCe7l). The company recently updated shareholders on Twitter, stating that a valuation is underway on an acquisition made last year to ensure that the financial reports meet the Generally Accepted Accounting Principles (“GAAP”) adopted by the U.S. Securities and Exchange Commission (http://nnw.fm/p7JBA).
“Our ultimate goal is to go to Nasdaq and trade on that exchange,” Dwyer reiterated following a shareholder question. Global Consortium’s efforts to uplist to the Nasdaq are being met with enthusiasm, Dwyer said, noting that the stock prices of companies in the cannabis space generally benefit from such a move. Other positive signs of growth by Global Consortium include receiving an annual license from the state of California to manufacture cannabis products for the recreational and medicinal cannabis markets in that state (http://nnw.fm/3ubtE).
Also making progress is Global Consortium’s 64,000-square-foot cannabis mall, currently under construction in the Sacramento, California, area. The mall is designed to house cannabis manufacturing, distribution, delivery, retail, testing and cultivation. A machine capable of processing 600 pounds of product every eight hours – producing around 23 liters of oil per day at a forecast minimum of $8,000 per liter for large contract orders – has already been delivered (http://nnw.fm/9hE0l). The cannabis mall will house the largest manufacturing facility of THC and CBD distillates and edibles believed to be operational in the United States.
Fittingly, production of edible cannabis-infused products, sold through the company’s Infused Edibles (http://nnw.fm/Eh8E0) division, will be manufactured at the Sacramento location, as well. Infused Edibles sells a wide selection of specialty, CBD-infused edible products and has received 17 first place awards for its dedicated line of U.S. grown, CBD isolate-infused food products.
“We’re moving machinery to Sacramento now and some training will be done,” Dwyer said during the investor call. “I’d say probably by the end of the second quarter, if not sooner, all edible production will be done in Sacramento.”
Edible sales in the U.S. and Canada are expected to reach more than $4.1 billion by 2022, according to a new report released by Arcview Market Research in partnership with BDS Analytics (http://nnw.fm/5mKFb). More consumers state that they are willing to try cannabis in an edible form, the report detailed, noting the shifting trends in spending by cannabis connoisseurs.
For more information, visit the company’s website at www.GCGX.org
NOTE TO INVESTORS: The latest news and updates relating to GCGX are available in the company’s newsroom at http://nnw.fm/GCGX
NetworkNewsWire (NNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) NetworkNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. NNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
To receive SMS text alerts from NetworkNewsWire, text “STOCKS” to 77948 (U.S. Mobile Phones Only)
For more information please visit https://www.NetworkNewsWire.com