The given reaction sequence involves the following steps:

1. Epoxidation with mCPBA: 
   An epoxidation reaction occurs between the alkene and m-chloroperoxybenzoic acid (mCPBA), leading to the formation of an epoxide. This reaction proceeds under mild conditions with the presence of NaHCO₃, which acts as a buffer.
2. Base-catalyzed hydrolysis: 
   The epoxide formed in the first step undergoes ring opening in the presence of NaOH. This base-catalyzed hydrolysis yields a diol, where the stereochemistry is retained depending on the substrate's configuration.
3. Iodination with I₂: 
   The diol then reacts with iodine (I₂) and KI in the presence of NaHCO₃ and water. This step usually results in the halogenation of the diol, forming a cyclic halide.

The reaction's major product, based on these transformations and considering the stereochemistry and reaction conditions, aligns with the given correct answer option:

This product is favored due to the stability of the formed halohydrin and the preference for species formation given these specific reaction conditions.