More and more emerging companies in the Cannabis space are going public via reverse merger these days. The fastest and easiest way to go about it is when a private company acquires a majority number of shares in a public shell company usually trading on the OTC Markets also known as a “reverse merger”. According to Investopedia: “ Reverse mergers allow a private company to become public without raising capital, which considerably simplifies the process. While conventional IPOs can take months (even over a calendar year) to materialize, reverse mergers can take only a few weeks to complete (in some cases, in as little as 30 days). This saves management a lot of time and energy, ensuring that there is sufficient time devoted to running the company.” Compass Biotechnologies, Inc.(OTCMKTS: COBI) Announced a deal to be acquired by Bangi Investments, LLC just today. Details of the breaking news are below. Shares of COBI have spiked as much as 200% just over halfway through the trading session on the heels of todays news.
Just this past month the legalization of Cannabis in Canada was a big win for the entire sector. It created hope that legislators in the USA would follow suit. For the U.S. there are signs that things are tilting in favor of federal legalization. In September the Drug Enforcement Agency (DEA) moved to take CBD with THC content below .1% off of its Schedule 1 and has classified it as a Schedule 5 removing many barriers for legal financing.
CHICAGO, Nov. 19, 2018 /PRNewswire/ — Bangi Investments, LLC has acquired publicly traded company Compass Biotechnologies, Inc. (OTCMKTS: COBI) to gain greater access to public markets and to continue expanding its success in the cannabis marketspace. The company will go by the name BANGI, (pronounced bon-ghee), which is a noun in the African dialect Swahili meaning “marijuana” or “hemp”.
“Real Estate is agnostic to the cannabis industry; every sector from cultivation to extracting and retail relies heavily upon it. I’m excited about the prospects in store for BANGI, and I will be instrumental in this transition over the next 90 days,” said Rick Shykora, CEO of Compass Biotechnologies, Inc.
BANGI, a diversified investment vehicle that acquires and leases specialized real estate assets, understands the integral role that real estate plays in the $30 billion cannabis industry and plans to further its reach with the acquisition of COBI. BANGI will trade as OTC: COBI until approval for its unique ticker symbol. To learn more visit www.bangistock.com.
BANGI INVESTMENTS, LLC
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 Limited Liability Company combines hard asset security and long-term appreciation potential.
COMPASS BIOTECHNOLOGIES, INC.
Compass Biotechnologies, Inc. (Ticker Symbol OTC: COBI), d/b/a Motion Entertainment Group, Inc. is a professional-grade audio equipment company with products that are already in use by world-class musicians and entertainers, and popular amongst rising stars. Aligned with industry heavyweights, the company is introducing new innovations that reflect a decades-long focus on producing the highest quality audio experiences and industry-changing evolutions, for the enjoyment of music fans and aficionados globally.(PRNewswire)
COBI has not filled a quarterly report since December of 2016 and although today’s press release seems exciting until a definitive agreement has come to fruition and is set in stone through public filings with the SEC investors should stay cautioned. It will be interesting to see what transpires in the way of headlines in the days and weeks ahead. We will continue to track COBI for any more developments. To stay up to date on the story of COBI as it unfolds don’t forget to sign up for our 100% free newsletter! Just enter your active email address into the box below and submit!