This archive report was first published on 10 August 2019.
Published on August 10, 2019, Bangi Inc., a US-based marijuana company, has announced plans to list on the Nairobi Securities Exchange (NSE).
The company, which cultivates and processes Cannabis Sativa, aims to tap into the Kenyan capital market, which has grown rapidly in recent years.
According to Neil Parsan, chairman and CEO of BANGI Inc., a dual listing in Africa would be a natural step for the company, given its corporate name, which means 'marijuana' or 'hemp' in Swahili.
“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,” Parsan said in a statement.
However, the bid is likely to be rejected given that bhang remains on the list of banned narcotics in Kenya, despite calls to legalize it.
Some board members of Bangi Inc. are well-known US celebrities, including Mathew Knowles, the father of RnB singer Beyoncé, and actor and rapper Ray J (William Norwood Jr).
