BANGI, Inc. a US-based firm that acquires and leases specialized real estate assets in the cannabis, hemp and CBD industries is set to cross list on the Nairobi Securities Exchange (NSE), in a move to take advantage of the growing investor interest and the ability to use seamless payment systems such as M-Pesa and Airtel Money.
The listing on the NSE is targeting investors from Kenya, Uganda, Tanzania, Burundi, Rwanda and South Sudan who use mobile money platforms to do most of their transactions as well as use Swahili where the company’s name is adapted from. Bangi means Marijuana or Hemp in Swahili, Africa’s most popular language.
According to 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.
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 is expected to dramatically increase BANGI’s exposure to Africa’s investment community as it will enable investors to purchase stock in the Company through mobile platforms.
The Company is run by big names such as Dr. Neil Parsan, Chairman of Board/CEO, Willard L. Jackson, as the Vice Chairman, Hollywood actor Hill Harper, as the director, Mathew Knowles -Beyonce’s father as CMO, and Brandy’s brother Ray J, as team lead.
Though not closely related, Kenyas National Treasury two years ago launched M-AKIBA, the world’s first mobile platform for trading government treasury bonds targeting local investors with as low Ksh 3,000 or $30 targeting KES 150 million in its pilot phase.
If Bangi, Inc is listed and borrows a leaf from M-Akiba, there is a high possibility that it will be a huge success as that would open its stock options to just about anyone in the country.
M-AKIBA traded mostly on mobile systems of MPESA and Airtel Money and users had to simply register themselves by pressing a shortcode and following a few steps to invest. By use of a shortcode, anyone with a mobile phone could participate in the bond sale. The biggest challenge to Bangi, Inc is legality and the moral question as marijuana is not legal in Kenya and trade in such a company might be termed illegal depending on whatever angle one looks at the laws of the republic.
BANGI, Inc. appointed World Bank advisor Chairman of the Board Dr. Neil Parsan its Chief Executive Officer following the transition of Rick Shykora as Interim Chief Executive Officer.
Dr. Parsan, who was appointed as Chairman of the Board in November 2018, and it saw him manage the Company’s reverse merger with Compass Biotechnologies and expanded its footprint across the cannabis industry.
Dr. Neil Parsan formerly served as the Ambassador Extraordinary and Plenipotentiary to the United States of America, non-resident Ambassador to the United Mexican States, and Permanent Representative of Trinidad and Tobago to the Organization of American States (OAS). He also held the Cabinet position of Executive Secretary for Integral Development at the Organization of American States (OAS) as confirmed by 34 countries through the Inter-American Council for Integral Development (CIDI) in September 2015. Currently, Dr. Parsan remains a respected diplomat, globalist, strategist and Secretary for Integrated Development for (OAS).
