BAHAMAS DEVELOPMENT ORD (OTCMKTS:BDCI) has retained its lawyers to help the Company in filing a Form 10 with the Security and Exchange Commission.
The company’s newly retained lawyer has written a legal opinion to be used by the auditors so auditing of the Company can start.
The process of auditing was stopped in January of 2017 after discovering a transaction which had closed 2009. The team that was conducting the audit had managed to roll the financials forward from back in January 1, 2014 all the way to September of 2016. The process of auditing is expected to start again as the company and the legal team work to draft the Form 10 filing.
The company has hired a Chief Finance Officer to take it through the auditing process. The contract Chief Finance Officer will work directly with the auditing team on behalf of the Company during the entire auditing process and will help in making the process much faster.
The company is committed to having the Form 10 completed so as to help increase the level of transparence and add more liquidity to the shareholders.
The Cannabis Consortium, its majority ownership, Bahamas Development is moving very fast into the MJ sector. In the coming few weeks the Company will be issuing updates explaining it progress in California.
Recently the Company announced that it had withdrawn its pending name change which it had submitted at FINRA. The company said it made the decision basing on the progress that has been made entering the MJ sector as well as the potential changes that might come from future transactions
The Cannabis Consortium is made up of four revenue channels compromising foodstuffs, specialty items, beverages plus one research division. Three of these revenue streams come from edibles as well as other revenue stream is from investments. The research section will mainly focus on exploring the medical benefits of CBD oils for the treatment different ailments in animals.
Trans Global Group Inc (OTCMKTS: TGGI) is one of the majority shareholder in BDCI and has a marketing agreement with Cannabis Consortium for its specialty products.