Our last post on BAHAMAS DEV CORP (OTCMKTS:BDCI) emphasized on how the company was positioning itself to capitalize on growing fashion trend Athleisure. However, as it turns out, things did not pan out as expected, triggering a selloff of the stock.Fast forward, the company has rebranded itself having set its eyes on the marijuana sector as it looks to reinvigorate its growth prospects once more. Ever since the company made it clear that its future lies in the legal cannabis space, its sentiments on Wall Street have improved a great deal.Trading volume has picked up, arousing suggestions that the stock could soon bottom out from the current lows. It remains to be seen if the bullish trend has the steam needed to push the stock above the $0.06 handle, which will affirm the emerging uptrend. BDCI Daily ChartGiven that the stock is still engulfed in a strong bearish trend, any sell-off should be limited to the $0.03 handle, below which Bahamas Development could tank to its 52-week low.What Does Bahamas Development Do? Bahamas Development used to work with companies doing business in the Bahamas and Caribbean region through its relationship with the Bahamas Port Authority. Its core business entailed working with business looking for a more tax-friendly environment to do business. It also had interest in the fashion industry.The company has since rebranded itself as it looks to focus on growth opportunities in the legal cannabis space. Late last year, the company filed with FINRA as it sought to complete a name and ticker change to reflect its new business model.Once all the fillings are complete, the company will be known as Cannabis Consortium to reflect the new business direction.Bahamas Development Rebranding Renewed investor interest, in the recent past, has to do with the milestones the company has achieved as it continues with the rebranding process. As part of the latest push, the company plans to pursue five revenue streams in the cannabis marketplace.Cannabis Consortium will seek to come up with specialty items, foodstuff/Edibles, beverages. In addition, it also plans to generate significant revenues through various investments as well as in the research of new products.Cannabis Distillate PartnershipThrough its wholly-owned subsidiary, Cannabis Consortium, the company has partnered with Cannabis Distillate to supply all of its oil needs in California.Cannabis Consortium is in the process of rolling out a variety of specialty products as it seeks to take advantage of growing demand for cannabis products in the state. A reliable stream of cannabis oil will be key, to the company meeting production targets going forward.Cannabis Distillate is a renowned producer of 100% solvent free cannabis distillate.
“The partner chosen by Cannabis Oils has the expertise to assist Cannabis Consortium in creating the right mixture for its various products. The Cannabis Distillate offers a diverse variety of Oils, combined with Cannabis Consortiums patented delivery method, will provide for desired effects,” Cannabis Consortium in a statement.
Cannabis Dispensary PartnershipBahamas Development has also moved a step closer to producing its own cannabis oil edibles and concentrates, after partnering group that will own a percentage of a Pre-ICO marijuana dispensary in Los Angeles.The dispensary that the company has teamed up with currently operates in 1,000 square foot, with plans in place to relocate to an 8,000 square facility. The dispensary owns licenses for retail manufacturing and cultivation that Bahamas Development plans to take advantage off, as it continues to explore ways of strengthening its prospects in the space.The manufacturing license is vital as it will allow the company to produce and sell its own branded and painted products throughout the California Cannabis market.Form 10 FillingIn a bid to bring its accounting at par with regulatory standards, Bahamas Development has engaged the services of a counsel to assist in the filling of form 10 with the SEC. The Company has also contracted a Chief Financial Officer to assist in completing the auditing process as it looks to keep its books of accounts in order.Completion of the auditing process should enhance BDCI transparency as well as additional liquidity to shareholders.What Next for Bahamas Development?After years of underperformance and a lack of direction, Bahamas Development appears to have found a way to reinvigorate its growth prospects and in the process generate significant shareholder value. The pursuit of growth opportunities in the marijuana sector should strengthen investor sentiments in the stock given the size of California medical and recreational marijuana market.When it comes to price action, the stock needs to rise above the $0.06 mark to affirm talk that the sell-off that had pushed it to all-time lows is over. It goes without saying that unlike in the past, the future looks bright for Bahamas Development as it pursues growth opportunities in the marijuana sector.Disclosure: We have no position in BDCI and have not been compensated for this article.
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