This archive report was first published on 7 August 2019.
On August 7, 2019, Bangi Inc, a US-based cannabis real estate firm, announced plans to cross-list on the Nairobi Securities Exchange (NSE), a move that could make it the first company to be listed on both the NSE and in America.
The company's CEO, Dr. Neil Parsan, expressed excitement about the prospect of listing on the NSE, stating, “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.”
Bangi Inc is a diversified investment vehicle that acquires and leases specialized real estate assets in the cannabis, hemp, and CBD industries. The company is listed in the OTC markets and seeks to expand its reach to the East Africa region and beyond.
Despite the illegality of marijuana in Kenya, Bangi Inc justified its cross-listing initiative by citing the country's regulations that expand its capital markets to the world. The move could pave the way for Kenya to join the ranks of over 30 nations that have legalized the medical use of cannabis.
Kenya has seen a push towards legalizing marijuana for medicinal purposes in recent years, with the late Kibra MP Ken Okoth being a prominent driver of the movement. However, the push has also received resistance from some quarters.
