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Bright Green Corporation (BGXX) is at the forefront of the legal cannabis industry, providing high-quality cannabis, cannabis-related products, and other medicinal plant-based therapies. The company is dedicated to manufacturing these products for both research and pharmaceutical applications. Additionally, Bright Green plays a significant role in producing active ingredients for consumer-based solutions.
Bright Green is particularly focused on developing cannabis strains with high levels of CBN (cannabinol) and CBG (cannabigerol). These compounds are gaining attention for their potential therapeutic benefits, making the company a key player in the evolving landscape of medicinal cannabis.
In recent news, Bright Green has made notable strides in domestic pharmaceutical production, following its approval from the New Mexico Board of Pharmacy. This achievement underscores the company's commitment to regulatory compliance and its ability to meet stringent standards for pharmaceutical-grade products.
Financially, Bright Green has reported strong performance in the third quarter of 2023, reflecting its robust market position and strategic initiatives. The company's partnerships and ongoing projects further enhance its capabilities and market reach.
For more detailed and up-to-date information, stakeholders and interested parties can contact the media and investor relations teams via ir@brightgreen.us or through the public relations contacts provided.
Bright Green (OTC: BGXX) has announced a significant restructuring plan through a Restructuring Support Agreement (RSA) with major shareholder Lynn Stockwell, who will serve as Plan Sponsor and new CEO. The company will file for Chapter 11 bankruptcy reorganization and plans to emerge with federal loan guarantees for 60 new mega farm owner/operators, collectively investing $3.5 billion to strengthen the U.S. drug supply chain.
The reorganization plan includes paying creditors 20% in cash and 80% in newly issued common stock, implementing a 1-for-50 reverse stock split for existing shareholders, and retiring outstanding warrants. Upon emergence, the company will be renamed to Drugs Made in America Corp, focusing on DEA and FDA-compliant mega farms for controlled substance production. The company will maintain its exclusive partnership with Asia Capital Pioneer Group Inc for EB-5 marketing efforts across Asia.
Bright Green (OTC: BGXX) announced a major restructuring as founder Lynn Stockwell enters into a Restructuring Security Agreement (RSA) and assumes the roles of Executive Chair and CEO. The restructuring involves cancellation of all existing contracts, including land purchase options, employment agreements, board member agreements, financing agreements, and warrants. The current CEO, CFO, and Board of Directors have resigned.
The company plans to realign its focus on domestic API manufacturing, aiming to become a key supplier of plant-based controlled substances in the United States. Post-restructuring plans include completing a shareholder-approved reverse split, seeking re-listing on a major exchange, and exploring a franchise-based model to build agricultural facilities across West Texas, East Arizona, and Central New Mexico. The company will maintain its EB-5 investor program and seek partnerships with Health and Human Services for research support.
Bright Green (Nasdaq: BGXX) announced that trading of its shares has been suspended from the Nasdaq Stock Exchange after Nasdaq cancelled the scheduled September 26, 2024 delist appeal hearing. Despite this change in public trading status, the company remains committed to its strategic goals and shareholder value. Bright Green will proceed with its scheduled annual meeting on November 15, 2024, where shareholders will discuss key issues, including a potential reverse stock split.
The company's Chairwoman has provided a line of credit and agreed to $2.5 million in funding to support ongoing operations and strategic initiatives. Bright Green is exploring various strategic alternatives, including partnerships and acquisitions, to unlock long-term value. The company continues to focus on achieving licensing approvals and its vision of enhancing national security interests by growing and producing Schedule I and II plant-based medicines.
Bright Green (Nasdaq: BGXX) has signed a letter of intent to supply DEA-approved marijuana extracts and plant-based psychedelics to Benuvia Operations, a leader in pharmaceutical cannabinoids and psychedelic molecules. This partnership aims to produce domestically manufactured cGMP pharmaceutical-grade Active Pharmaceutical Ingredients (APIs) for US and global markets. Bright Green is positioning itself as a leading domestic supplier of DEA-controlled, plant-based raw materials for cannabinoid, psychedelic, and opioid-based drugs in the USA.
The company recently passed the DEA's annual operational procedures for Schedule I & II drug cultivation and manufacturing, bringing it closer to beginning operations. With new fundraising and supply agreements in progress, Bright Green anticipates a strong performance in 2025.
Bright Green (Nasdaq: BGXX) has signed a letter of intent to supply DEA-approved marijuana extracts and plant-based psychedelics to Benuvia Operations, a leader in pharmaceutical cannabinoids and psychedelic molecules. This partnership aims to produce domestically manufactured cGMP pharmaceutical-grade Active Pharmaceutical Ingredients (APIs) for US and global markets.
Bright Green is positioning itself as a leading domestic supplier of DEA-controlled, plant-based raw materials for cannabinoid, psychedelic, and opioid-based drugs in the USA. The company meets the DEA's high national standards for Schedule I & II drug cultivation and manufacturing, setting the stage for strong performance in 2025.
Bright Green (Nasdaq: BGXX) has announced two significant financial developments. Firstly, the company has secured a $3.5 million capital commitment under its existing line of credit with Lynn Stockwell. This agreement includes security against the company's greenhouse facility and a conversion option for the lender. Secondly, Bright Green has engaged an investment bank to explore a $15.0 million debt financing to drive commercialization efforts forward on its recently DEA-reinspected facility.
The $3.5 million commitment will allow Bright Green to pay down existing liabilities and ensure funding for operations at its Grants, New Mexico facility. The company aims to advance its vision of improving quality of life through cannabis-derived therapies and other plant-based drugs for research and pharmaceutical applications.
Bright Green (Nasdaq: BGXX) has announced significant progress in several areas. The company confirmed its first three applications under the EB-5 investment program with Asia Capital Pioneers Group and expects more investors to follow. The first event of this partnership on May 26 featured over 100 potential investors. Bright Green has also submitted DEA 2025 quota requests for producing 22 Schedule I and II controlled substances, aiming to dominate the production of several key substances if approved. Collaborating with CEADL, the company is finalizing preparations to start production by Q1 2025. Additionally, Bright Green is establishing an in-house API and Plant Genetics Research and Medical team to support growth and leverage smart farming and AI technologies. The DEA's potential reclassification of cannabis to Schedule III is seen as beneficial, potentially boosting demand and positioning Bright Green as a major producer in the cannabis industry.
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