Bright Green Provides Progress Update on its Agricultural Complex in Grants, New Mexico

Rhea-AI Summary

Bright Green Corporation (NASDAQ: BGXX) has made significant strides in achieving operational readiness at its agricultural complex in Grants, New Mexico. Following a recent audit by the U.S. Drug Enforcement Administration (DEA), the company is expected to become operational in the fourth quarter, pending final approvals. Bright Green also secured a supply partnership with ExtraktLAB, enhancing its capabilities in extraction technology. This partnership aims to facilitate compliance with Good Manufacturing Practices, driving growth in federally-approved pharmaceutical-grade cannabis.

Positive

• DEA audit completed, paving the way for operational readiness.
• Expected to begin operations in the fourth quarter following final validation.
• Supply partnership with ExtraktLAB enhances extraction capabilities and compliance.

Negative

• None.

U.S. Drug Enforcement Agency Visit and Audit Completed

Pending Agency’s Final Validation and Approval, Company Expects to Be Operational in Fourth Quarter

Bright Green Enters Into Supply Partnership with ExtraktLAB

GRANTS, N.M., Sept. 22, 2022 (GLOBE NEWSWIRE) -- Bright Green Corporation (NASDAQ: BGXX) (“Bright Green” or “the Company”), one of the very few companies selected by the U.S. government to grow, manufacture, and sell, legally under federal and state laws, cannabis and cannabis-related products for research, pharmaceutical applications and affiliated export, today provided an update on progress made at its world-class agricultural complex in Grants, New Mexico.

The U.S. Drug Enforcement Administration (DEA) completed a site visit and audit of Bright Green’s agricultural complex, including both completed greenhouses and manufacturing facilities as well as those currently under construction. During the visit, DEA officials requested that the Company satisfy a few remaining items, including: installation of oil extraction equipment and elements to ensure security and production readiness. Following the DEA’s follow-up visit and anticipated approval of the facility this fall, the company is prepared to be fully operational in the fourth quarter.

“We thank the DEA for the recent visit to our state-of-the-art agricultural complex in Grants,” said Interim Chief Executive Officer and Chairman of the Board of Bright Green, Terry Rafih. “The visit reflects a significant milestone and validates the Company’s progress against its plan to operationalize and bring the Grants facility online by the end of the year. We are excited to continue this progress and scale Bright Green as we prepare to meet the demand for federally-approved, pharmaceutical-grade cannabis for the U.S. and international markets.”

Supply Partnership Agreement with ExtraktLAB

Concurrent with the above efforts, Bright Green entered into a supply partnership with ExtraktLAB, a manufacturer of leading-edge carbon dioxide extraction equipment primarily used by the hemp and botanical extraction industries for extraction and refinement equipment for phytocannabinoids. ExtraktLAB’s ability to deliver a fully contained operation in compliance with Good Manufacturing Practices will help accelerate Bright Green’s scale-up activities in advance of forthcoming operations.

About Bright Green
Bright Green is one of the very few companies selected by the US government to grow, manufacture, and sell, legally under federal and state laws, cannabis and cannabis-related products for research, pharmaceutical applications and affiliated export. Our conditional approval based on already agreed terms from the U.S. Drug Enforcement Administration gives us the opportunity to advance our vision of improving quality of life through the opportunities presented by cannabis-derived therapies. To learn more, visit www.brightgreen.us.

Cautionary Note Regarding Forward-Looking Statements:
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made as of the date they were first issued and were based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management as of such date. Words such as “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” “shall” and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond the Company’s control. The Company’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to, risks detailed in the Company’s Registration Statement on Form S-1 filed with the Securities and Exchange Commission (the “SEC”) on March 29, 2022 and declared effective May 13, 2022, and in the Company’s Quarterly Report on Form 10-Q/A filed with the SEC on August 19, 2022, as well as other documents that may be filed by the Company from time to time with the SEC. The forward-looking statements included in this press release represent the Company’s views as of the date of this press release. The Company anticipates that subsequent events and developments will cause its views to change. The Company undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of this press release. Additional information regarding these and other factors that could affect the Company’s results is included in the Company’s SEC filings, which may be obtained by visiting the SEC's website at www.sec.gov.

Bright Green Media Contact
BrightGreen@edelman.com

Bright Green Investor Relations Contact
BrightGreenIR@edelman.com

FAQ

What was the outcome of the DEA audit for Bright Green Corporation (BGXX)?

The DEA audit was completed successfully, allowing Bright Green to progress towards operational readiness pending final validations.

When does Bright Green Corporation (BGXX) expect to begin operations?

Bright Green expects to be operational in the fourth quarter of this year, following the DEA's final approval.

What is the significance of Bright Green's partnership with ExtraktLAB?

The partnership with ExtraktLAB will enhance Bright Green's extraction capabilities and ensure compliance with Good Manufacturing Practices, crucial for scaling operations.