Beyoncé’s dad bringing weed company to Nairobi Securities Exchange
Kenyans could soon have a chance to own a pie of global marijuana estate if cannabis real estate firm Bangi Inc is cleared to cross-list on the Nairobi Securities Exchange (NSE).
Mathew Knowles, the father of global superstar, Beyoncé Knowles, as well other US celebrities who are board members of Bangi Inc, are eyeing the Kenyan financial market.
The US firm announced on August 7 that its board of directors had approved an initiative to cross-list on the Nairobi bourse in what could make it the first company to be listed at both the NSE and in America.
The firm’s board has approved its move to cross-list on the NSE, despite the weed remaining banned in Kenya.
Mr Knowles who was appointed the CMO for BANGI, will be responsible for developing and overseeing the launch of BANGI’s global marketing campaign, including advertising, branding, communications, content, creative services, digital strategies, press events, social media and the web.
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Soon after his appointment, he took to social media to share the news.
“Exciting news! I have signed on as the chief marketing officer of @BangiInc, a company that buys and leases real estate for weed farms and dispensaries. “We are buying land…We’ll lease it back to the growers, the dispensaries, the extraction companies.”
Exciting news! I have signed on as the chief marketing officer of @BangiInc, a company that buys and leases real estate for weed farms and dispensaries.
“We are buying land…We’ll lease it back to the growers, the dispensaries, the extraction companies.”https://t.co/n1bsboL2mA pic.twitter.com/BAWkUQUT42— Mathew Knowles (@MathewKnowles) July 21, 2019
According to Yahoo Finance, the firm’s listing on the NSE will allow investors to use various seamless financial payment systems such as mobile money amongst others, to purchase the company’s shares.
“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,” Yahoo quoted the company’s CEO.
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“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,” the firm said in a statement.
The company added that its listing on the NSE will allow investors to use various financial payment systems such as M-Pesa and Airtel Money to purchase shares.
“I have been blessed throughout my career to work with various artists and companies at defining moments in their histories, which is why the opportunity to lead the marketing program at BANGI was so compelling,” said Knowles.
“BANGI has a strong culture and strategic foundation, and I look forward to leveraging my extensive network and experience to building upon the Company’s momentum through innovative and breakthrough marketing strategies that are designed to achieve sustainable growth and profitability,” concluded Knowles.
Beyonce’s father is listed as Bangi’s chief marketing officer while 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.