BANGI, Inc, a diversified investment vehicle that acquires and leases specialized real estate assets in the cannabis, hemp and CBD industries has announced its interest in cross-listing on the Nairobi Securities Exchange (NSE).
The firm, which is traded on the New York Over The Counter (OTC) market, counts among its board members well know US celebrities including Mathew Knowles, the father of Beyoncé Knowles, Ray J (William Norwood Jr) and TV actor Hill Harper.
A dual listing in Africa would be a natural step for the Company considering its corporate name, “BANGI” means “marijuana” or “hemp” in Swahili, one of the official languages in Kenya.
Kenya, being one of the major financial hubs in Africa, has regulations that expand its Capital Markets to the world. Under Capital Markets Authority Regulations, it will allow for citizens in the East African Community (EAC), which comprises of approximately 300 million people – – the same size of the United States – – the ability to invest in BANGI, Inc.
The Company’s listing on the NSE will allow investors to use various seamless Financial Payment Systems such as M-Pesa and Airtel Money, amongst others, to purchase the Company’s shares.
The listing of BANGI on the NSE should dramatically increase BANGI’s exposure to Africa’s investment community as it will enable investors to purchase stock in the Company through mobile platforms, which are currently used by more than 26 million Kenyans.”
“We are excited to represent the first U.S.-listed stock to be listed in Kenya’s capital market, which is the deepest and most sophisticated in East Africa,” said Dr. Neil Parsan, Chairman and Chief Executive Officer of BANGI, Inc.
“The Kenyan capital market has grown rapidly in recent years and has also exhibited strong capital raising capacity, which will allow us to access an entirely untapped market valued in the hundreds of billions of dollars.
We expect the cross-listing will allow BANGI to expand its shareholder base, increase its liquidity and enable a convenient way for Africa’s retail and institutional investors to invest in the Company as we launch the initial stage of our growth strategy,” concluded Dr. Parsan.
By listing on the region’s largest Securities Market, which can be accessed by investors of all income levels via Financial Payment Systems, BANGI’s Cross Listing is a significant milestone both for the Company and the banking industry as it will greatly level the playing field.
Under Kenyan laws, it is still illegal to engage in any dealings in cannabis including cultivation possession, and cultivation.