WRONG ...BANGI OWNS AT LEAST ONE ..HERE IT IS ,,,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.
To be added to BANGI's investor or media lists, please call 833-BANGINC or via email at ir@bangistock.com.
