This archive report was first published on 10 August 2019.
Published on August 10, 2019, Bangi Inc., a US-based marijuana company, is seeking to list on the Nairobi Securities Exchange (NSE), a move that is likely to face rejection due to Kenya's laws banning the cultivation and trade of marijuana.
The company, which deals with the cultivation and processing of Cannabis Sativa, announced that its board had approved its cross-listing on NSE.
According to Neil Parsan, chairman and CEO of BANGI Inc., the move is a natural step for the company, considering its corporate name, which means 'marijuana' or 'hemp' in Swahili, one of the most spoken languages in Africa.
“A dual listing in Africa would be a natural step for the company,” Parsan said in a statement.
Some board members of Bangi Inc., which is traded on the New York Over The Counter (OTC) market, are well-known US celebrities, including Mathew Knowles, the father of RnB singer Beyoncé, and actor and rapper Ray J (William Norwood Jr), a brother of another US superstar artist Brandy.
Kenyan laws recommend hefty fines and jail terms for those found guilty of dealing with marijuana, making the company's bid to list on the NSE unlikely to succeed.
