Golden Global Corp. Secures Permits for Commercial Cannabis Production; Announces Operations on First Grow and is Permitted for up to 180k Square Feet of Commercial Space
Tuesday, 12 June 2018 *BOCA RATON, FL / ACCESSWIRE / June 11, 2018 / *Golden Global Corp. (OTC PINK: GLDG), announced today that as a result of an affirmative vote by San Benito County, California voters last week, all of its California properties are now permitted for commercial production of legal medical and recreational marijuana. As a result of the vote, GLDG is able to commence cultivation and production at its three existing properties in its portfolio, and gives the go ahead to develop as much as 180k square feet of commercial grow on its license and permit on the same properties.
GLDG believes that it has the necessary funding in place and plans to commence cultivation and production in its existing facilities in the next month. Further, GLDG is in the process of securing additional financing to develop the balance of the 180k square feet of greenhouse space in Northern California for which it has secured licenses for commercial cannabis cultivation.
Initial operations are planned to include:
· 1 Indoor Cultivation facilities
· 2 Outdoor Cultivation facilities
· Non-Volatile Extraction
· Volatile Extraction
Erik Blum, our CEO, stated, "With our initial roll out, we will begin developing our properties and exploiting our commercial licenses as soon as possible." Further, Mr. Blum was quoted as saying "GGC is now compliant for commercial production in all aspects including extractions and distribution. The first milestone will be going toward ramping up our existing properties back into production. This includes getting our state of the art indoor facility, our 8000 square feet of greenhouse and our 6,500 square feet of light dep facilities up and running. We are in the process of securing financing to develop the remaining 180,000 square feet into eight 22,500 square foot greenhouses. We believe that each greenhouse, when operational will have the potential to generate in excess of $10 million in annual revenue. As we begin commercial cultivation and production at our existing facilities and move towards developing and commencing commercial operation of our facilities, we expect to achieve maximum revenue production and return to shareholders. We believe that GLDG has the potential to become one of the largest commercial producers of legal medical and recreational cannabis in California."
*About Golden Global Corp.*
Golden Global Corp. (OTC PINK: GLDG) is a Florida-based holding company engaged in creating and integrating a platform of cannabis and cannabis related businesses.
This Golden Global Corp. news release contains forward-looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the Company's current views with respect to future events that involve risks and uncertainties. Among others, these risks include failure to meet schedule or performance requirements of the Company's contracts, the Company's ability to raise sufficient development and working capital, the Company's liquidity position, the Company's ability to obtain new contracts, the emergence of competitors with greater financial resources, and the impact of competitive pricing. In the light of these uncertainties, the forward - looking events referred to in this release might not occur as planned or at all.