This archive report was first published on 9 August 2019.
On August 9, 2019, Bangi Inc., a US company involved in the cultivation and processing of marijuana, announced plans to cross-list on the Nairobi Securities Exchange (NSE), putting Kenya's resolve to maintain the drug on the list of banned narcotics to the test.
The company, traded on the New York Over The Counter (OTC) market, counts among its board members well-known US celebrities, including Mathew Knowles, the father of global superstar Beyoncé Knowles.
Renowned actor and rapper Ray J (William Norwood Jr), a brother of another US superstar artist Brandy, and TV actor Hill Harper, are also listed as board members of Bangi.
Despite the drug remaining banned in Kenya, Bangi's board has approved its cross-listing on the NSE, citing the Kenyan capital market's growth and strong capital raising capacity.
"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 most spoken languages in Africa," said Neil Parsan, chairman and chief executive officer of BANGI Inc.
However, NSE chief executive Geoffrey Odundo said the bourse had not yet received any listing application from the firm, adding that he was not aware of its existence.
Kenyan laws prohibit any dealings in cannabis with hefty fines and jail terms meted out to deter possession, cultivation, and trafficking of the drug in its fresh, dried, or processed form.
