These forward-looking statements should not be relied upon as representing the Companys views as of any date subsequent to the date of this press release. Robinson was the Chief Executive Officer of BMW Financial Services for the Americas Region from April 2005 to December 2016. Designed and Developed by Black Rock Digital Agency. The worlds most advanced agricultural ecosystem with state-of-the-art automation, Bright Green Systems of Operation Delivers, Leading the way through plant-based therapies. Following the U.S. Drug Enforcement Administration (DEA) inspection of Bright Greens agricultural complex, including its pre-existing facilities, as well as greenhouses and manufacturing facilities, in September 2022, the Company are very pleased to announce the completion of its processing facilities and have now scheduled a dry run audit, testing both the SOPs (Standard Operating Procedures) and processing capabilities as a requirement before final registration. The business has not yet started to sell products or generate revenue. In the case of Bright Green, the company states that no director or executive officer has filed for bankruptcy. The Stock rose vividly during, At the end of the latest market close, Trilogy Metals Inc. (TMQ) was valued at $0.60. Bright Green states in its prospectus, "In May 2021, we entered into the MOA with the DEA, which outlines the terms of the DEA's conditional approval of Bright Green to proceed through the DEA's registration process, as described above. Nevertheless, investors must exercise great caution as the green sector is notorious for heart-wrenching volatility. GRANTS, N.M., May 16, 2022 (GLOBE NEWSWIRE) -- Bright Green Corporation ("Bright Green"), one of the very few companies selected by the U.S. government to grow . Typically in groundbreaking ceremonies, only top executives or board members take the stage. But before you take that step, you must sign up for a brokerage account. The facility in Grants, New Mexico is supposed to be A two-acre Fast Start University Greenhouse to begin housing our cannabis research, development, cultivation, and manufacturing operations. Bright Green also stated in its filing that its existing 22-acre Venlo greenhouse is currently under renovation to be operational in May 2022 and provide the initial supply of marijuana and marijuana extracts. Does that make sense to you? Total Debt to Equity Ratio (D/E) can also provide valuable insight into the companys financial health and market status. Additional information regarding these and other factors that could affect the Companys results is included in the Companys SEC filings, which may be obtained by visiting the SEC's website at www.sec.gov. But the Florida-based company's shares have since plunged on the Nasdaq, from nearly $60 to the low single digits. In July 2019, the company issued a letter to investors with the alleged inflated valuation over Fikanys opposition. Brmikor mdosthatja a kivlasztott belltsait az Adatvdelmi lehetsgek oldalon. Fikany says in his lawsuit that Bright Green was a sham, operated illegally and fraudulently. He alleges that the Stockwells engaged in acts of fraudulent misrepresentation and attempted to force Fikany to aid and abet them in making fraudulent misrepresentations to investors concerning the valuation and progress of Bright Green Corporation. He is suing for $1.7 million in unpaid wages. The Bright Green Corporation is conducting its business one hundred percent openly and above board. 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. Like many other aspirational IPOs, Bright Green is a pre-revenue firm, generating zero sales for 2021 and the prior year. It says it right in the SEC filing. One issue that arose during the process was the valuation of Bright Green. The other four companies have just as much potential. Bright Green Announces Closing of $10.0 Million Private Placement. 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. Its products will further research at pharmaceutical companies and universities throughout the United States. NasdaqCM - NasdaqCM Real Time Price. Something is missing from that narrative. In an IPO situation, founders, employees, and other early-stage investors are typically restricted from selling their stock right away. The Acoma Pueblo sent documentation to formally withdraw from the deal. CNMEC appealed the judgment and won giving Stockwell little more than his attorney fees. The employment contract reads, Robinson shall receive monthly payments in the amount of $6,750 with an aggregate of $344,250 in deferred compensation due and payable on or before December 15, 2022. Robinson got 5.6 million shares, while his wife Elaine Robinson received 605,000 shares. As of July 11, the stock's price was $2.22 per share a 95% fall from that May 2022 high. Look it up. Requirements from NASDAQ about. In the case of Bright Green, the company states that no director or executive officer has filed for bankruptcy. Theyll have to make another offering that dilutes the crap out of the shares. Another thing that is unique about companies going public is that the SEC requires a bankruptcy to be disclosed to potential shareholders. Stockwells wife Lynn Stockwell is a Director of the company and owns 44% of the voting shares or 69 million shares. All rights reserved. After six months of work, Fikany had yet to be paid. To understand the meaning of the, Read More The History of and Story Behind the Waste Management LogoContinue, Foxconn is a Taiwanese startup that has evolved into a multinational electronics contract manufacturing company. 1. Bright Green is pulling out all the stops and going for perfection in its quest to deliver the highest possible quality of tissue samples for research. Bright Green is leveraging automation and technologically driven research & development to cultivate pharmaceutical-grade plants, including medical cannabis and marihuana, delivering consistent quality in a state-of-the-art, environmentally controlled, organic ecosystem. Bright Green Corporation began trading on the Nasdaq on May 17. Its massive complex is powered with automation technology that is state of the art. LinkedIn confirms that he is an expert in consulting for the executive level of the wholesale and retail sector with a focus on operational proficiency. The horticulturists start with cultivars that were carefully selected for essential characteristics, cross-bred, and generated to exhibit desired characteristics. He is no longer listed as having a role in the company. Extending health through cannabis, Bright Green is leading the way on plant-based therapies. Bright Green Corporation provides federally-authorized researchers legal access to high-quality cannabis and associated products. They did a direct listing instead of an actual IPO, which means its not even underwritten and theres no lockup period and insiders were allowed to cash out immediately and dump the stock onto retail investors. But this is just one of the opportunities we have researched in our free report. The methods help eliminate the potential for genetic drift and disease while preserving the consistency of the products. The company's principal address is . The research complex is located in Grants, New Mexico, although the headquarters for Bright Green is in Fort Lauderdale, Florida. Bright Green Corporation. Bright Green Corp. made history last month as the first plant-touching marijuana business to trade on a major U.S. stock exchange, and its market value soared as a result - to $9 billion at one point. Crunchbase confirms that Bright Green Corporation is in the Fort Lauderdale part of Florida. The only thing keeping the deal from being consummated was that Bright Green needed to deposit some escrow money. The discoveries made by the Bright Green Corporation improve indoor growing practices, and they provide superior quality research materials. As its euphemistically titled brand suggests, Bright Green is in the business of marijuana, specifically focused on the research and development of medicinal plant-based therapies. In 2020, she lent the company $392,194 and has no fixed repayment term. So where are these claims coming from? $0.49. You nor anyone else have any idea how tight of a ship they run because there is no ship. Therefore, it could theoretically expand the reach of its solutions to a greater magnitude than its competitors. Subscribe to learn about the latest medical cannabis research, keep current on new resources and stay up on other news related to plant-based therapies. Year-to-date Price performance of the companys stock appears to be encouraging, given the fact the metric is recording -98.20%. Bright Greens mission is to be the premier federally-authorized provider of cannabis, cannabis-related products, and other legal medicinal plant-based therapies, manufactured in exact formulations for research and pharmaceutical applications and an active ingredient to consumer-based solutions. 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. Bespoke Financial Sues In Da Cut For Not Paying Its Debt, Cannabis ETF Investors: Bad Timers, but Committed, Texas Poised to License More Low-THC Dispensaries, Bespoke Financial Sues 'In Da Cut' For Not Paying Its Debt, New BDS Analytics Report Forecasts CBD Sales To Reach $20 Billion By 2024, International Cannabis Reform Ramps Up in Europe, South America. Unfortunately, one of Stockwells employees inadvertently started a fire at the Estancia greenhouse. Other financial media also jumped in and never looked beyond the companys press release and helped tout the idea of a cannabis company trading on the NASDAQ. Most companies clean up lawsuits before going public so that investors wont see the dirty laundry. Michelle Lujan Grisham and Bright Green Corp. announced Monday - a $300 million investment in a state-of-the-art agricultural ecosystem on company-owned property in Grants, New Mexico, embracing the latest . The Company anticipates that subsequent events and developments will cause its views to change. Anyone who gives them money deserves to lose it. It has the blessings of the DEA, through a memorandum of agreement signed by both parties. He spends more time than is perhaps wise with his eyes fixed on a screen either reading history books, keeping up with international news, or playing the latest releases on the Steam platform, which serve as the subject matter for much of his writing output. Despite your claims of their superior products, they dont even grow anything yet. The companys shares, operating in the sector of Healthcare managed to top a trading volume set approximately around 502014 for the day, which was evidently lower, when compared to the average daily volumes of the shares. Requirements from NASDAQ about direct listings 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. That boosted the share price in the early days further enriching the sellers. 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. However, costs to the listing company can be steep because one, it must recruit the services of investment banks and two, underwriters typically sell shares to the public at a discount to their intrinsic value to attract the most hype. June 28, 2022 08:00 ET | Source: Bright Green Corporation. This company, however, is sitting on a goldmine opportunity as it plans to produce 30,000 tonnes per annum over the next 3.5 years from this single deposit. . Bright Green recently began trading on the NASDAQ (NDAQ) as a direct listing, not as an Initial Public Offering (IPO). The original CEO is suing them for valuation fraud, claiming that the companys founders pressured him to make false claims about the value of shares and the company. Sector(s):HealthcareIndustry:Drug ManufacturersSpecialty & GenericFull Time Employees: Bright Green Corporation focuses on the propagation, cultivation, and manufacturing of cannabis products. Bright Green Former CEO Claims Valuation Fraud. We thank the DEA for their support and their continuous visits to our state-of-the-art agricultural and schedule 1 manufacturing complex in Grants, said Terry Rafih, Chief Executive Officer and Chairman of the Board of Bright Green. Although its everywhere these days, this is where the largest concentration of locations are, Read More 20 Things You Didnt Know About Texas RoadhouseContinue, If youve been to a supermarket lately, you are probably painfully aware of the shortages that are so readily apparent on the shelves. This is company is laughable. Bright Green maintains Full Good Agricultural and Collection Practices while ensuring FDA/Good Manufacturing Practices compliance, and USDA compliance in a robust quality management system with production flexibility. Every company that he has been involved with has lost massive amounts of money or gone bankrupt. If you want to participate in Bright Greens growth, youll need to know how to buy stocks. 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. Allen Lee is a Toronto-based freelance writer who studied business in school but has since turned to other pursuits. The company recently made business news when it went public on the Nasdaq stock exchange. And finally, even if they follow through on all of their claims, which I doubt, the business model simply isnt viable. 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 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 . However, his wife Lynn Stockwell is a Director of Bright Green and John Stockwell did file for bankruptcy in the state of New Mexico in 2015. Still, reputational damage presents a headwind for marijuana stocks, thereby forcing investors to take a cautious approach. Bright Green Corporation v. John Fikany, D-1333-CV-2020-00231, State of New Mexico, County of . 22. The company is still in the startup phase and will be there for some time, but it is a business with bright prospects. . Its engaged in a partnership with The Forest Fire Recovery project in Ruidoso, New Mexico, to plant trees that were lost in the McBride fire. For the retail investor, BGXX stock provides an interesting risk-reward profile. Alterola & Bright Green have today entered into a LoI to supply the necessary BRM and APIs to further advance development of Alterola's pharmaceutical assets "With the cooperative spirit of Federal, State, and business we found in New Mexico, we will see New Mexico and Bright Green Corporation become leaders in this emerging field of medical research . Bright Green Corporation focuses on the propagation, cultivation, and manufacturing of cannabis products. In 2020, she lent the company $392,194 and has no fixed repayment term. Bright Green could purchase more mature plants to speed up the process, but then the DEA would actually be buying someone elses plants. One tiny company stands to be the biggest beneficiary because lithium "faces a long-term supply shortage," according to Barron's. At the time of this writing, the total market value of the company is set at 76.68M. "With the cooperative spirit of Federal, State, and business we found in New Mexico, we will see New Mexico and Bright Green Corporation become leaders in this emerging field of medical research . Price records that include history of low and high prices in the period of 52 weeks can tell a lot about the stocks existing status and the future performance. 26. This valuation figure is a key element in the complaint from the former CEO John Fikany. Therefore, if none of these entities want to sell their shares, a transaction will not occur. The medical marijuana market will explode over the next seven years. A direct listing does not involve an underwriter. Benzinga suggests some reasons to consider Bright Green Corporation stock as an addition to your current investment portfolio. Acoma Pueblo Gov. Your email address will not be published. It is currently valued at $5.98. The Bright Green Corporation launched the groundbreaking of its New Mexico facility with the blessings of civic leaders, business leaders, and elected officials. It is a highly productive growth strategy that results in mature clone plants created from tiny clippings. Unfortunately, this was fully encumbered by the first lien of the Stockwells pre-petition secured lender. Capussi was awarded $108,000, which was a much smaller amount than the $2 million he had wanted. The public can only buy the shares that are sold by the insiders. Therefore, established market analysts have not yet weighed in on Bright Greens potential and risk factors. But thats also where Bright Green is unique among marijuana stocks. The sanitation giant that started as a small business has grown immensely over the past 60 years. The massive production facilities located in New Mexico boast plans to build the facility to encompass incredible square footage of more than seven million square feet. At the same time, institutional investors have not had the time to perform a price discovery process, meaning that you would not be working with an established benchmark to judge fair value. It has these things going for it, but Bright Green faces an uncertain future, as do all companies involved in the cannabis industry. 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. The Company has also recently executed a Letter of Intent with Alterola Biotech Inc. (OTC PINK: ABTI), a U.K.-based pharmaceutical company focused on developing cannabinoid and cannabinoid-like medicines and products, for the supply of cannabinoid Botanical Raw Material (BRM) and Active Pharmaceutical Ingredients (APIs) in preparation for the release of appropriate product, which also further enhances the relationship between the Company and Alterola as previously announced. | Bright Green is a first-mover in the U.S . The idea is that investors should have adequate information in order to make a wise investment decision. To learn more, visit www.brightgreen.us. Today 200 Day Moving Average is the resistance level (2.146 $). Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond the Companys control. Lynn Stockwell is a founder and director. Bright Green Corporation Our Mission. Bright Green Corporation estimates that the construction will complete in 2023 in Grants, New Mexico. Bright Green Corporation is a privately-owned company consisting of an executive team experienced in technology, greenhouse operation, manufacturing, marketing, agriculture, body health & wellness . That was less than a year ago and the enterprise is already making history. Their plans depend on a 300m greenhouse being built. As a direct listing, pricing data for BGXX stock wont be available until the free market determines what it will be. The pillar scores are Audit: N/A; Board: N/A; Shareholder Rights: N/A; Compensation: N/A. January 17, 2023 - 8:30 am. The major emphasis of this platform is to present, the most practical recommendation for public and private capital sharing, both in the form of updates and detailed analysis. Ed is a strategic planner who lends his expertise as an advisor to Bright Green Corporation and serves on its board of directors. The enterprise maintains its commitment to engaging in sustainable manufacturing processes and giving back to the earth. 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 . Currently, 35 states have issued mandates legalizing cannabis, which collectively offers a total addressable market of 3.6 million state-legal medical cannabis patients. According to the, No additional shares are offered to the public, which reduces scrutiny. ET. The company has developed an improved system for creating sustainable greenhouse growth conditions. Typically in groundbreaking ceremonies, only top executives or board members take the stage. When is the Bright Green IPO Date? Bright Green in its statement suggests that Fikany was hired to complete the Acoma Pueblo deal, which ultimately never closed. Bright Green Corporation is a drug manufacturers-specialty & generic business based in the US. Logically, then, a DPOs valuation is tied directly to free market forces, which could offer a favorable outcome for the listing company. The pharmaceutical manufacturer focuses on the development of cannabis-based products for research into treatments and cures in the pharmaceutical industry. The bank that helped them list directly should be held accountable. Bright Green Corporation has support at high levels, 13. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Subscribe to the Green Market Report newsletter that gives you original content delivered straight to yourinbox. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. 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.. 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. The Bright Green Corporation serves as an agricultural model, 9. It doesnt matter which supermarket you go to or where you are, Read More 20 Things You Didnt Know about Project44Continue, Most people are well aware of Fingerhut. 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. Bright Green Corp. offered 158.249 million shares in a direct listing - with a NASDAQ reference price of $8.00 per share - and the expectation that the stock will start trading on the NASDAQ on Tuesday, May 17, 2022. Bright Green Corp. will undertake a $300 million investment in a state-of-the-art cannabis agricultural research and production facility on company-owned property in Grants, New Mexico. Bearing in mind the latest performance of Bright Green Corporation, several moving trends are noted. Bright Green Corp IPO'd 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 . He was then terminated. 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 . We have now established our leadership role in the medical side of this emerging market and expect to play a significant role in the United States as well as worldwide., Our approach to raising the requisite capital to execute our business plan is both creative and relatively unique. Below is a list of best brokers to consider. USD, Bright Green Provides Update on Progress as It Prepares for Multiple Activities in 2023, Bright Green Announces Third Quarter 2022 Financial Update and Milestone Progress, Bright Green Strengthens its Scientific Advisory Board with the Appointment of Five Additional Biotech and Pharmaceutical Leaders, Bright Green Issues Statement on President Biden's Announced Historic Marijuana Reform, Bright Green Announces Close of Transaction with Alterola Biotech, Bright Green Provides Progress Updateon its Agricultural Complex in Grants, New Mexico, Bright Green Announces Closing of $10.0 Million Private Placement, Bright Green Announces Pricing of $10.0 Million Private Placement, Bright Green Signs Letter of Intent with Alterola Biotech for Strategic Partnership and Acquisition, Bright Green Announces Second Quarter 2022 Financial Update and Milestone Progress, Bright Green, Staffing 360 Solutions And 3 Stocks To Watch Heading Into Tuesday, 6 Stocks Halted In Thursday's Session: Here's Why. 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