The shares of Global Consortium Inc. (OTCMKTS:GCGX) continues to move higher and gains another 6% in Wednesday’s session. The stock has gained about 70% over the past month. Here are some of the key developments.
Last week, Global Consortium reviewed terms of its lease of the building it currently leases in Sacramento with the option of acquiring 25,000 sq. ft. of the building. The company seeks to secure the First Right of Refusal of the 39,000 sq. ft. of the remaining section of the facility.
Global to Acquire the Sacramento Building They Lease
The revised lease and the acquisition deal will involve the company and the owner of the building. With Global leasing a larger section of the facility, they have the opportunity of multiplying sections of the business operations before acquiring the building.
The company intends to use 5,000 sq. ft. for manufacturing operations of Infused Edibles and Indulge Oils and also for white Label contracts. They will also allocate 5,000 sq. ft. for distribution and delivery likely to be running before the end of this year. The rest of the space will go into house cultivation as well as more manufacturing opportunities.
Final Inspection of the Sacramento Facility
A few weeks ago the company reported significant progress in the reading workspace in Sacramento. With the positive progress, operations are ready to commence in September. Since the issuance of the permit, the City has been to the facility on several occasions in the last 10 weeks. They have so far carried inspection on rebar, plumbing, fire sprinklers, and concrete inside and out.
The installed the CO2 exhaust system in the last week of August and they are waiting for other inspections. Inspections expected include CO2 Exhaust, CO2 System, Building Code, ADA, Asphalt, Electrical and Cannabis Manufacturing & Agricultural.
The company anticipated the space to be completed by the end of August in readiness for assessment. Global expects final inspection in early September after which they will receive a Certificate of Occupancy following the passing of the final inspection. With the issuance of the Certificate of Occupancy, Indulge Oils will commence the manufacture of THC products for sales. There are plans to start moving Infused Edibles into the facility to begin processing and production of THC infused products.