Marijuana Business is on the rise around the world and The Bahamas is said to be actively trying to keep up with this emerging financial trend thanks to Bahamas Development Corporation (BDC) through its subsidiary Cannabis Consortium, which focuses on medical marijuana applications and legal cannabis use.
BDC has rebranded itself with what it said recently, is the realization of the financial benefits and growth opportunities of investing in the marijuana sector – a legal cannabis space.
According to Insider Financial, “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.”
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 Corporation (BDC) could tank to its 52-week low.
The stock needs to rise above the $0.06 mark to support discussions that the sell-off that had pushed it to all-time lows is over.
Reports show that BDC also filed with the Financial Industry Regulatory Authority (FINRA), as it sought to reflect its new business model.
FINRA is a non-government and arbitration operation that regulates member brokerage firms and exchange markets. Securities and Exchange Commission (SEC) is the ultimate regulator of the securities industry.
Once all the fillings are complete, the company will be known as Cannabis Consortium to reflect the new business direction.
BDC said it has also moved one step closer to producing its own cannabis oil edibles and concentrates, after partnering a group that will own a percentage of a Pre-ICO marijuana dispensary in Los Angeles.
The dispensary, according to Insider Financial, owns licenses for retail manufacturing and cultivation that BDC plans to take advantage off, as it continues to explore ways of strengthening its prospects in the space.
“BDC have found a way to reinvigorate its growth prospects and in the process generate significant shareholder value with optimism that this sector will strengthen investor sentiments in the stock given the size of California medical and recreation marijuana market,” according to Insider Financial.
Eyewitness News Online tried numerous times to contact a representative from BDC but was unsuccessful.