133 0 Kommentare Bright Green Announces Third Quarter 2023 Financial Update and Milestone Progress

Bright Green has achieved several key milestones throughout the Quarter advancing progress against its strategic plan.

Continued marketing of its fundamental capital raise of $500+ million utilizing the U.S. Citizen & Immigration Services EB-5 program.

Made substantial efforts to expand its business to include production of additional controlled substances in full compliance with state and federal laws.

GRANTS, N.M., Nov. 22, 2023 (GLOBE NEWSWIRE) -- Bright Green Corporation (Nasdaq: BGXX) (“Bright Green” or “the Company”), one of 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, reported financial results for the quarter ended September 30, 2023.

“This quarter, Bright Green was focused on several key operational and strategic milestones revolving around searching for and onboarding a new Chief Executive Officer with significant international and cannabis experience and marketing of the EB-5 capital raising program” said Terry Rafih, the Company’s Executive Chairman. “We remain committed to making strategic decisions to maximize shareholder value with minimum further dilution, as well as, capitalize on the opportunity to secure the ability to produce controlled substances beyond cannabis.”

Strategic Highlights for Third Quarter 2023

The Company focused on the marketing of its previously announced plans to raise approximately $500 million utilizing the USCIS EB-5 Program to accelerate its growth strategy and generate significant capital for use in its greenhouse construction and operations in Grants, New Mexico.
- The EB-5 Program, which President Biden reauthorized in 2022, is an innovative vehicle for spurring investment and job creation in rural communities. Bright Green’s participation will add significant value to the region, while also generating the capital needed for its commercial and business initiatives.
- To date, Bright Green has sold 44,010 shares of common stock at $39.99 per share, receiving proceeds of approximately $1.76 million. The Company is working diligently to finalize agreements with prospective EB-5 investors.
- The Company announced its expectations of minimum debt and minimum share dilution to execute our business plan and be the lowest cost, and highest quality producer of pharmaceutical cannabis in both dried flower and extract based applications for sales domestically and export to the European markets.
- The Company announced an exclusive partnership with Asia Capital Pioneers Group to present the EB-5 offering to investors that fulfill the requirements for permanent U.S. residency via an EB-5 Investment Visa in the Asia-Pacific region.
The Company appointed industry veteran Groovy Singh as the new Chief Executive Officer to support the company in its next evolution, which be focused on investing in top talent, commencement of commercial operations, and investing in clinical research and development of plant based therapies, and expanding into cultivation and manufacturing of other scheduled substances.
The Company applied for expansion of its cannabis business to now include the production of additional controlled substances in full compliance with state and federal laws. In preparation for upcoming government inspections, Bright Green’s Grants, New Mexico facility is undergoing the necessary changes to accommodate the expansion plans. Government inspections are expected to be conducted over the next month.
The Company announced an agreement with Lynn Stockwell, the Company’s largest shareholder to settle approximately $3.6 million in debt with shares priced at a market premium. To settle the debt, the Company issued 2,827,960 unregistered shares of common stock, and unregistered warrants to purchase up to 2,827,960 shares of common stock at an exercise price of $3.00 per share.