The other four companies have just as much potential. The back story of the cannabis concept stock Bright Green (NASDAQ: BGXX) involves a burned-down building, a years-long battle with the state of New Mexico, a bankruptcy case, and an angry former CEO who is accusing the company of fraud. Bright Green and Alterola share the vision of creating FDA and other regulatory-approved medicines which will deliver therapeutic benefits to patients for specific conditions and producing high quality BRM and APIs. https://www.greenmarketreport.com/bright-green-former-ceo-claims-valuation-fraud/. The DEA also would not confirm it had a contract with Bright Green and wouldnt comment on the MOA. Look it up. Logically, then, a DPOs valuation is tied directly to free market forces, which could offer a favorable outcome for the listing company. State-of-the-Art 22-Acre Greenhouse Slated . Bright Green acquired 25% of Alterola's issued and outstanding common stock. The Bright Green Corporation reports that its team of greenhouse workers are specialists and experts known throughout the world for their expertise in live-plant cultivation. Full-powered cannabis itself remains very much illegal federally. The public can only buy the shares that are sold by the insiders. This valuation figure is a key element in the complaint from the former CEO John Fikany. Bright Green (BGXX 1.94%) is a Florida-based cannabis business that the federal government has approved to grow cannabis for limited . 42 subscribers in the BGXXBrightGreen community. Bright Green Corporation focuses on the propagation, cultivation, and manufacturing of cannabis products. Your email address will not be published. The systems of Bright Green operations are a meticulously ordered set of processes that involve the management of an enclosed greenhouse ecosystem. The company's principal address is . 28. Bright Green Corporation accepts $1 donations for the One Tree Planted project to help fund the project. The company played up its connection to the DEA suggesting that the Memorandum of Agreement was a done deal, even though the company doesnt have a formal contract with the DEA. Bright Green Corporation went public via a direct listing on the NASDAQ in May 2022. state that in the NASDAQ Capital Market guidelines, The listing company must have a recent valuation from an independent third party indicating in excess of $10 million to $30 million in the aggregate market value of publicly held shares, depending on the financial standard met. Therefore, it might be better for a company like Bright Green to negotiate ahead of time with underwriters via a traditional IPO. Bright Green Corporation provides federally-authorized researchers legal access to high-quality cannabis and associated products. The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Bright Green Stock Makes Its Trading Debut. The operating expenses were $2.5 million for 2021, yet the business had a cash balance of $1.3 million. Another thing that is unique about companies going public is that the SEC requires a bankruptcy to be disclosed to potential shareholders. Does that make sense to you? This valuation figure is a key element in the complaint from the former CEO John Fikany. Bright Greens current CEO is Edward Robinson. He also supposedly received another 2.5 million shares. The pharmaceutical manufacturer focuses on the development of cannabis-based products for research into treatments and cures in the pharmaceutical industry. It is a new era in pharmaceuticals with an emphasis on research in plant-based therapies, with implications that go far beyond the cannabis niche. 1. Bright Green Corporation is a privately-owned company consisting of an executive team experienced in technology, greenhouse operation, manufacturing, marketing, agriculture, body health & wellness and medical science. The firm provides federally . Terry Rafih is the chairman of the board. In the case of Bright Green, the company states that no director or executive officer has filed for bankruptcy. Designed and Developed by Black Rock Digital Agency. Designed and Developed by Black Rock Digital Agency. Bright Green stock forecasts are adjusted once a day based on the closing price of the previous trading day. Ha Az sszes elfogadsa gombra kattint, azzal elfogadja, hogy a Yahoo s partnerei feldolgozzk az n szemlyes adatait, s klnbz technolgikat pldul cookie-kat hasznlnak szemlyre szabott hirdetsek s tartalom megjelentshez, a hirdetsekkel s tartalmakkal kapcsolatos mrsekhez, a clkznsgre vonatkoz elemzsekhez s a termkfejlesztshez. Second, federal approval for the specified scope of Bright Greens business may open pathways to future financial funding opportunities. On further appeal, in 2013 the New Mexico Supreme Court reversed the Court of Appeals decision in part, increasing Stockwells award to about $7.4 million. Bright Green Corporation ( NASDAQ: BGXX) has filed to raise an undisclosed amount via a direct listing of its common stock, according to an S-1 registration statement. A direct listing does not involve an underwriter. In the absence of a prior active public trading market for our common stock, if the price of our common stock or our market capitalization falls below those required by Nasdaqs eligibility standards, we may not be able to satisfy the ongoing listing criteria and may be required to delist. So, the company discloses right up front that it may not be able to even stay listed on NASDAQ. It has grown to become the largest of its kind in the world. At the very opening of the session, the stock price was $0.68, For the readers interested in the stock health of Sirius XM Holdings Inc. (SIRI). See the company profile for Bright Green Corporation (BGXX) including business summary, industry/sector information, number of employees, business summary, corporate governance, key executives and . Price as of January 13, 2023, 4:00 p.m. State-of-the-Art 22-Acre Greenhouse Slated for Completion in August. Bright Green Corporation grows, manufactures, and sells . But this is just one of the opportunities we have researched in our free report. Do your homework people!! The company is sanctioned to provide cannabis, and cannabis-related products legally, for North American research projects. Under normal circumstances, good investment strategies often place a premium on provenance or an established track record for a business seeking capital funding. Still, not everything about Bright Green is positively compelling. Bearing in mind the latest performance of Bright Green Corporation, several moving trends are noted. GRANTS, N.M., Jan. 17, 2023 (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 . They issued millions of shares to themselves at one penny and have mostly cashed out already. In that particular session, Stock kicked-off at the price of $0.40 while reaching the peak value of $0.472 and lowest value recorded on the day was $0.385. At some point during these years, it seems the Sunnyland greenhouses were transferred to Lynn Stockwell who then transferred the property to Bright Green. Through these debt and equity mechanisms, our goal will be to raise sufficient capital to commence and complete construction on Phase 2 of our facilities in New Mexico. 27. Bright Green Corp. is working with EF Hutton, a division of Benchmark Investments LLC, to list its shares. Bright Green Corp IPOd on May 17, 2022, selling more than 150 million shares at a value of $15.99 per share and closed that day at $25.25 with a valuation of just over $4 billion. While the likely federal approval of Bright Greens cannabis enterprise will be a landmark achievement, the company has to parlay that success with meaningful momentum. Here let me add a few more to your list: 21. He sued CNMEC in 2005, alleging that the utility wrongfully disconnected the electricity service and was awarded about $22 million in damages. Because of the vagaries between federal controls and certain states acquiescence, many financial institutions want nothing to do with cannabis-related enterprises. The horticulturists start with cultivars that were carefully selected for essential characteristics, cross-bred, and generated to exhibit desired characteristics. While consumers of pure cannabis products are wholly dependent on their individual state laws, Bright Green is a first mover in the federally licensed cannabis market. The processes may be applied to any type of plant-based therapy research. The business made history when it entered the market to represent the cannabis industry on the stock exchange. Its last market close was $0.489 - an increase of 27.68% over the previous week. Bright Green Corporation focuses on the propagation, cultivation, and manufacturing of cannabis products. Dr. Alfie Morgan is the director. Meeting these goals will further enhance our capabilities throughout 2023 and 2024 as our capital needs are achieved. To be fair, landmark legislation, such as the Agriculture Improvement Act of 2018 (colloquially known as the farm bill) made certain cannabis derivatives such as the hemp-derived cannabidiol (CBD) legal in the U.S. Crain Communications Inc 2017 document.write(new Date().getFullYear());. Through strict oversight, BrightGreen helps to enhance the consistency of harvest and purity of the product. The company has also said that it will be able to harvest its first crop of cannabis in two months, however, any cannabis cultivator will say that it takes at least 3-8 months for a cannabis plant. These efforts, when completed, will designate Bright Green as one of the largest producers of cannabis and cannabis-related products for research, pharmaceutical applications and affiliated export in the world.. Sector(s):HealthcareIndustry:Drug ManufacturersSpecialty & GenericFull Time Employees: Bright Green Corporation focuses on the propagation, cultivation, and manufacturing of cannabis products. EF Hutton served as the financial advisor. Instead, this type of listing depends entirely on the availability of stock from current employees and investors. Even worse, the Central New Mexico Electric Cooperative (CNMEC) had shut off the electricity at the greenhouse. At the end of the latest market close, Bright Green Corporation (BGXX) was valued at $0.38. Though debate rages on the topic, evidence indicates that the draconian stance on marijuana points to certain political motivations motivations that today many Americans find unpalatable, thus driving proposals for legal reformation. He began working for the company on May 1, 2018, as CEO with a salary of $1 million and was to receive $500,000 on the first day of employment. In fact, the company only has net losses. Bright Green is making fantastic progress, and 2023 promises to be a very exciting year as Bright Green and Alterola hope to come together following the completion of Bright Greens financing activities and the completion of their processing facilities in New Mexico, said Tim Rogers, Executive Chairman of the Board of Alterola. Additionally, it is the fourth biggest IT, Read More 20 Things You Didnt Know About FoxconnContinue. To learn more, visit www.brightgreen.us. Bright Green Corporation is a privately-owned company consisting of an executive team experienced in technology, greenhouse operation, manufacturing, marketing, agriculture, body health & wellness . 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. Anyone who gives them money deserves to lose it. As far as I can tell theyve got an empty plot of land in the desert. It focuses on the research and development of cannabis strains and sales of products with cannabinol (CBN) and cannabigerol (CBG). Currently, 35 states have issued mandates legalizing cannabis, which collectively offers a total addressable market of 3.6 million state-legal medical cannabis patients. Although Capussi never signed any contracts with Stockwell, he met with state officials, helped put together business plans, talked to potential vendors, traveled to New Mexico, provided meeting facilities, and the like. For the retail investor, BGXX stock provides an interesting risk-reward profile. You nor anyone else have any idea how tight of a ship they run because there is no ship. Its products cannot be sold directly to consumers, but there are plenty of research facilities that will gladly become regular customers. Bright Green Announces Closing of $10.0 Million Private Placement. By utilizing traditional debt financing to secure interim working capital, and as a bridge to the more substantive and longer-term equity investments, through both Federal and State programs, Bright Green aims to deliver the required investment in the company with a minimally dilutive effect, said Seamus McAuley, Chief Operating Officer of Bright Green. Meeting these goals will further enhance our capabilities throughout 2023 and 2024 as our capital needs are achieved. Bright Green Corporation has not yet generated revenue, 20. Share This Article. 4 min read. based in Grants, New Mexico where Bright Green Cannabis is based. The public can only buy the shares that are sold by the insiders. 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. In 2017, John Stockwell was listed as the CEO of Bright Green according to, which stated the greenhouse would open in 2017. Stockwell was responsible for hiring the advisors to determine the number, but Fikany said the valuation was misleading and aggressive. Bright Green Corporation to build $300M high-tech cannabis manufacturing and research facility in New Mexico. Ready to start growing your canna-business. People have a long memory about their financial losses, which means interest could be lacking for Bright Greens DPO. 2023 All rights reserved. She was at the groundbreaking ceremony for the $300 million planned research complex, even though the company has nowhere near that amount of money. It is currently valued at $5.98. In the case of Bright Green, the company states that no director or executive officer has filed for bankruptcy. The systems and methods developed are nothing short of brilliant and they signal a turning point in the accuracy and precision that modern technological advances afford us. Here's How It Did. . securely through SoFi Active Invest (Brokerage)'s website, securely through Freedom Finance's website, cultivated by humans for at least 12,000 years, What Analysts are Saying About Bright Green IPO, Do Not Sell My Personal Data/Privacy Policy. The Bright Green Corporation is credited for developing one of the most advanced greenhouse systems for agriculture that the world has known. As of the end of 2021, Bright Green posted a total asset count of $8.78 million compared to total liabilities of only $560,156. Your email address will not be published. If youre from the Midwestern or Southern part of the United States, youre probably familiar with the Texas Roadhouse restaurant chain. The Companys 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 Companys 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 Companys 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. While he was employed, Fikany was working on a deal for Bright Green to develop a cultivation facility on Indian land with the Acoma Pueblo tribe. However, such products must contain less than 0.3% delta-9-tetrahydrocannabinol (THC), the hallmark psychoactive compound of marijuana. Something is missing from that narrative. Debra Borchardt June 2, 2022 19 min 6. Learn how your comment data is processed. Cannabigerol ( CBG ) investment strategies often place a premium on provenance or an established track record for business... Youre from the former CEO John Fikany retail bright green corporation, BGXX stock provides an risk-reward... There is no ship federal controls and certain states acquiescence, many institutions! Are a meticulously ordered set of processes that involve the management of an greenhouse!: 21 may be applied to any type of listing depends entirely on the availability of from... 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