LOS ANGELES, CA / ACCESSWIRE / August 6, 2019 / BANGI, Inc. (OTC PINK:BNGI), a diversified investment vehicle that acquires and leases specialized real estate assets in the cannabis, hemp and CBD industries, today announced it has launched the initial stage of its acquisition strategy with the purchase of a prime 7,000 square foot property located on Detroit’s famous Eight Mile district.
The Company expects to enter into a triple-net lease agreement with a tenant which intends to operate the property as a licensed cannabis cultivation and processing facility upon completion of renovations. As a pioneer in the acquisition of real estate for the cannabis industry, BANGI serves as a source of capital by acquiring and leasing back their real estate assets, in addition to offering other creative real estate-based capital solutions, to tenants licensed to cultivate and process cannabis.
“We are excited to launch the initial stage of our aggressive, yet systematic, acquisition strategy with one of the highest traffic locations across all of Michigan,” said Dr. Neil Parsan, Chairman and Chief Executive Officer of BANGI, Inc. “We look forward to renovating the property immediately as we pursue a long-term tenant licensed and experienced in the cannabis cultivation and procession business.”
Michigan first legalized medical cannabis in 2008 and is one of the largest medical-use cannabis markets in the United States, including approximately 270,000 medical-use cannabis cardholders as of the end of 2017, according to ArcView Market Research (ArcView). In November of last year, Michigan voters approved Proposition 18-1, a ballot initiative that legalizes adult-use cannabis, and Michigan regulators have indicated that they would begin accepting adult-use cannabis business license applications later this year. ArcView projects that Michigan will be one of the top ten regulated cannabis markets by 2022, with total regulated cannabis sales of $1.4 billion.
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About BANGI, Inc. [OTC Pink:BNGI]
BANGI (pronounced bon-ghee), which means “marijuana” or “hemp” in the African dialect Swahili, is a diversified investment vehicle that acquires and leases specialized real estate assets, such as cannabis farms. The Corporation combines hard asset security and long-term appreciation potential. For more information, visit www.bangistock.com.
BANGI, Inc. Forward-Looking Statements
This press release contains statements that the Company believes to be “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than historical facts, including, without limitation, statements regarding the investment offerings and the terms thereof, are forward-looking statements. When used in this press release, words such as we “expect”, “intend”, “plan”, “estimate”, “anticipate”, “believe”, “should”, or the negative thereof or similar terminology are generally intended to identify forward-looking statements. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, such statements. Investors should not place undue reliance upon forward-looking statements. The Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE: BANGI, Inc.
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