I agree that investors who due proper DD know what’s true and what’s not. I for one called the Ag department who issues the licenses in the state of Michigan and got all my questions answered so I am fully informed and there is nothing wrong about what BNGI is doing, that’s a fact from the horses mouth :)
Ofcourse they can lease the property out if they are the owner of the property after conducting a sale-lease back transaction.
This IS the line of business that Bangi Inc is in and they obviously have a team of skilled real estate attorneys on this.
Bangi acquires and leases real estate assets in the cannabis, hemp and CBD industries and they recently were designated as a Qualified Opportunity Fund with the filing of Form 8996 with the Internal Revenue Service.
Do you really think the IRS would have approved their submission if they were violating state law?
"Our designation as one of the first public companies that meet the criteria of an entity operating in an IRS-designated Opportunity Zone will be a significant benefit to the company and its shareholders, particularly when considering that many of the approved cannabis locations are located in such Opportunity Zones," said Dr. Neil Parsan, Chairman and Chief Executive Officer of BANGI, Inc. "This new designation will provide numerous tax benefits to our investors while making our stock much more attractive to the overall investment community, including institutional investors, hedge funds and high net-worth investors," concluded Dr. Parsan.
According to the IRS, at www.irs.gov, "[a]n Opportunity Zone is an economically-distressed community where new investments, under certain conditions, may be eligible for preferential tax treatment." Further, "[a] Qualified Opportunity Fund is an investment vehicle that is set up as either a partnership or corporation for investing in eligible property that is located in a Qualified Opportunity Zone." Any stock acquired from the Company, including publicly traded stock, upon becoming a Qualified Opportunity Zone Business, either directly or through an underwriter in exchange for cash, will be treated as Qualified Opportunity Zone Stock and can lead to tax benefits for the holder of such investments. For more information, please visit "Opportunity Zones Frequently Asked Questions" available online athttps://www.irs.gov/newsroom/opportunity-zones-frequently-asked-questions.
Any investments in the Company, including investments in the publicly traded stock of the Company, upon this qualification shall be treated as Qualified Opportunity Zone Property or Stock and can lead to tax benefits for the holder of said investment.
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