Bright Green Stock Makes Its Trading Debut. He is no longer listed as having a role in the company. Moreover, the reputation for marijuana stocks as an investment class is poor. However, Bright Greens DEA authorization should go a long way to assuaging those fears. Michigan-based Fikany is an accomplished executive who was once Vice President, North America sales strategy for Oracle, Vice President at Microsoft, and Vice President at Quicken Loans. Debt to Equity thus makes a valuable metrics that describes the debt, company is using in order to support assets, correlating with the value of shareholders equity The total Debt to Equity ratio for BGXX is recording 0.00 at the time of this writing. Bright Green (BGXX 4.96%), was quite the outlier on . ET. This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. 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 . In a similar fashion, Bright Green Corporation posted a movement of -62.80% for the period of last 100 days, recording 1,664,533 in trading volumes. The project is expected to initially create 200 research and agricultural jobs. Some of the key advantages of Bright Green are listed below: Finally, Bright Green is constructing a state-of-the-art $300 million complex in Grants, New Mexico, that per its website will become the nations largest federally authorized and most advanced manufacturing and research facilities for plant-based therapies, including cannabis.. ("Bright Green" or "the Company"), one of the very few companies selected by the U.S. government to grow . Thats of course after insiders sell their shares. Recent cannabis research shows that the primary use of the plant in the U.S. remains overwhelmingly recreational, to the tune of 89.5% versus 10.5% solely for medical purposes. The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Because of the vagaries between federal controls and certain states acquiescence, many financial institutions want nothing to do with cannabis-related enterprises. Granted they arent trading publicly, but they arent untested with regard to valuations. 53-5-1 to 53-5-10 NMSA 1978; Business Classification Text FARMING Agent Name Registered Agents Inc Agent Address 530-B HARKLE ROAD, STE 100, Santa Fe, NM, 87505, USA (Rule 5505). In addition to the valuations, companies also have pre-tax income requirements which Bright Green doesnt meet. Company remains on track to start cultivation by the end of the year. https://www.greenmarketreport.com/bright-green-former-ceo-claims-valuation-fraud/. Bright Green Corporation focuses on the propagation, cultivation, and manufacturing of cannabis products. During the last month, 0 analysts gave the Bright Green Corporation a BUY rating, 0 of the polled analysts branded the stock as an OVERWEIGHT, 0 analysts were recommending to HOLD this stock, 0 of them gave the stock UNDERWEIGHT rating, and 0 of the polled analysts provided SELL rating. The enterprise maintains its commitment to engaging in sustainable manufacturing processes and giving back to the earth. Dean M. Valore is a director. 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. What kind of propaganda is this? Acquisition will support Bright Green's ability . The systems of Bright Green operations are a meticulously ordered set of processes that involve the management of an enclosed greenhouse ecosystem. While Fikany was working to secure the deal with the Acoma Pueblo he was also working with Stockwell to prepare the company to go public. 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. Supplying the electric vehicle boom and potentially driving its stock price off the charts. January 17, 2023, 13:30 GMT. You can read the article here and decide for yourself. It focuses on the research and development of cannabis strains and sales of products with cannabinol (CBN) and cannabigerol (CBG). The Sunnyland fire was most likely arson, as he knew with the hydro shut off, he had the perfect storm to destroy the place, and make it look legit. 25. Nevertheless, investors must exercise great caution as the green sector is notorious for heart-wrenching volatility. Bright Green Corporation also sponsors a National Forests project with the commitment to plant 5,000 trees in a year. 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. Acoma Pueblo Gov. Bright Green Corporations ISS Governance QualityScore as of N/A is N/A. Bright Green Corporation is a provider of cannabis, cannabis-related products, and other legal medicinal plant-based therapies, manufactured in exact formulations for research and pharmaceutical applications, as well as ingredient to consumer-based solutions. BGXX. 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. Although cannabis use is still illegal at the federal level for recreational use it is legal as medication and for research purposes. 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 . 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 . The Bright Green Corporation serves as an agricultural model, 9. Bright Green Corporation (Nasdaq: BGXX ) First US marijuana plant-touching company to list on the The Stockwells deny the allegations about the misrepresentation of the valuation of Bright Green, but they do admit that the deal with the Acoma Pueblo did fall through. Most companies clean up lawsuits before going public so that investors wont see the dirty laundry. The Company anticipates that subsequent events and developments will cause its views to change. 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. Year-to-date Price performance of the companys stock appears to be encouraging, given the fact the metric is recording -98.20%. Bright Green Corporation has support at high levels, 13. The operating expenses were $2.5 million for 2021, yet the business had a cash balance of $1.3 million. 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. 23. Does that make sense to you? 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. At the time Lynn Stockwell said, With the cooperative spirit of federal, state and business we found in New Mexico, we will see New Mexico and Bright Green Corp. become leaders in this emerging field of medical research. The debt to equity ratio can be calculated by dividing the present total liabilities of a company by shareholders equity. Learn how your comment data is processed. Benzinga suggests some reasons to consider Bright Green Corporation stock as an addition to your current investment portfolio. Ed is a strategic planner who lends his expertise as an advisor to Bright Green Corporation and serves on its board of directors. Globe-News Wire confirms that the Bright Green Corporation is a new company. BRIGHT GREEN CORPORATION Company Number 6763218 Incorporation Date 20 February 2018 (almost 5 years ago) Company Type Corporation Jurisdiction Delaware (US) Previous Names. The processes may be applied to any type of plant-based therapy research. Bright Green Corporation has not yet generated revenue, 20. The potential for entry into the US and international markets is high. Currency in USD. 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 addition to the Capussi lawsuit, Bright Greens former CEO John Fikany is also suing the company. The NASDAQ seems to be playing along even though it also doesnt seem to have vetted the companys valuation claims. Bright Green Media ContactBrightGreen@edelman.com, Bright Green Investor Relations ContactBrightGreenIR@edelman.com. John Stockwell supposedly has no official role in Bright Green, but he was featured in a photo (above) of a groundbreaking ceremony in New Mexico in October 2021. So he lists his wife as founder. Bright Green reaches several key milestones, advancing progress against its strategic plan. 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. The stock current value is $0.45.Recently in News on November 14, 2022, Bright Green Announces Third Quarter 2022 Financial Update and Milestone Progress. In 2020, she lent the company $392,194 and has no fixed repayment term. Bright Green Corp's trailing 12-month revenue is $0.0 million with a % profit margin. Bright Green started as a privately held enterprise, 17. A high-level overview of Bright Green Corporation (BGXX) stock. The forward-looking statements included in this press release represent the Companys views as of the date of this press release. Bright Green Corporation is a Fort Lauderdale, Florida-based operation, 2. January 17, 2023 - 8:30 am. Bright Green Corporation employs experts in cultivation, 6. 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. To learn more, visit www.brightgreen.us. 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. The company is sanctioned to provide cannabis, and cannabis-related products legally, for North American research projects. 28. Are you looking to buy an IPO? 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. The board of directors at Bright Green Corporation has six members. Bright Green Provides Update on Progress as It Prepares for Multiple Activities in 2023 GRANTS, N.M., Jan. 17, 2023 (GLOBE NEWSWIRE) - Bright Green Corporation (NASDAQ: BGXX) ("Bright Green . 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. Stockwell is a Canadian citizen and his next-door neighbor in Canada was Jerry Capussi who is suing for shares of Bright Green. He is also the chief executive officer of the corporation. 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 . In an IPO situation, founders, employees, and other early-stage investors are typically restricted from selling their stock right away. Today 200 Day Moving Average is the resistance level (2.146 $). It is a highly productive growth strategy that results in mature clone plants created from tiny clippings. Undeterred, Fikany continued to push back. EF Hutton served as the financial advisor. This valuation figure is a key element in the complaint from the former CEO John Fikany. However, it does have net losses to the tune of $2.49 million in 2021 and $3 million in 2020. Another thing that is unique about companies going public is that the SEC requires a bankruptcy to be disclosed to potential shareholders. 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 . One aspect that has long plagued the cannabis industry is legal vagaries and any company that can overcome this challenge may lever a massive advantage. Robinson was the Chief Executive Officer of BMW Financial Services for the Americas Region from April 2005 to December 2016. The Bright Green filing says that Capussi is suing for 108,000 shares of the company. 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. In the case of Bright Green, the company states that no director or executive officer has filed for bankruptcy. Bright Green Corporation v. John Fikany, D-1333-CV-2020-00231, State of New Mexico, County of . GRANTS, N.M., March 29, 2022 (GLOBE NEWSWIRE) -- Bright Green Corporation ("Bright Green"), one of the very few companies selected by the US government to grow, manufacture, and sell, legally . 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. 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 . Fikany says he was concerned about the false and misleading nature of Stockwells valuation report asking, How is it possible that we continue to radically increase our valuation from $1.5 billion to 2.5 to 4.0 to 6.5? According to the complaint, Fikany became worried his name would be attached to the companys valuation statement, which he believed was false and inaccurate. But before you take that step, you must sign up for a brokerage account. I can unsubscribe or change my email preferences atanytime. Especially under present economic difficulties, cannabis businesses make sense because of their potential as a taxable revenue source. It is a company that is dedicated to furthering research to improve the quality of human life. Bright Green reaches several key milestones, advancing progress against its strategic plan Company remains on track to start cultivation by the end of the year GRANTS, N.M., Nov. 14, 2022 (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 . It stands the best chance of making the emergence of the cannabis industry into the public market a successful venture, but only time will tell. At this point, the company actually paid Fikany his one and only paycheck of $19,230.77. 1033 George Hanosh BoulevardGrants, NM 87020United States833 658 1799https://www.brightgreen.us. Its still in the developmental stages of that part of its journey. Therefore, established market analysts have not yet weighed in on Bright Greens potential and risk factors. The Company is engaged in cannabis propagation, cultivation, and manufacturing of . Lucky for Bright Green it clearly states in its S-1, Because of our novel listing process on the Nasdaq Capital Market, Nasdaqs rules for ensuring compliance with its initial listing standards, such as those requiring a valuation or other compelling evidence of value, are untested. Raw Stochastic average of Bright Green Corporation in the period of last 50 days is set at 34.72%. 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. Therefore, it could theoretically expand the reach of its solutions to a greater magnitude than its competitors. 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. 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. Many of the scams are basically pyramid scams. Here let me add a few more to your list: 21. 1. DATES: Registered bulk manufacturers of the affected basic class(es), and applicants therefore, may submit electronic comments on or objections to the . The basic concept between an IPO and DPO is the same: enable retail (public) investors to acquire shares of a previously privately held enterprise. Meeting these goals will further enhance our capabilities throughout 2023 and 2024 as our capital needs are achieved. The stock shot up almost immediately to $58 and has since sold off and was lately selling at $3.54. One tiny company stands to be the biggest beneficiary because lithium "faces a long-term supply shortage," according to Barron's. Thats why it went from $58 to 2 dollars in two weeks. Yes, cannabis stocks are a good investment that can help you diversify your portfolio, but you should monitor the sector carefully because rules and regulations change frequently, impacting the profitability of many of these corporations. Like many other aspirational IPOs, Bright Green is a pre-revenue firm, generating zero sales for 2021 and the prior year. 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. Current Price. The bank that helped them list directly should be held accountable. Bright Green Corporation went public via a direct listing on the NASDAQ in May 2022. Per its S-1 disclosure, management anticipates that its firm will receive final registration regarding federally sanctioned marijuana research in June 2022. 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. The daily stock price performance of Bright Green Corp. (BGXX) from May 17, 2022 to July 11, 2022 (in U.S. dollars). The Bright Green Corporation has a long way to go until it reaches profitability. Its a serious business that employs world-class professionals in their respective fields. Debra Borchardt is the Co-Founder, and Executive Editor of GMR. The forward-looking statements included in this press release represent the Companys views as of the date of this press release. 2023 All rights reserved. Even though he said he had other offers on the table, the Stockwells said they could pay more. When the Bright Green Corporation first came into existence, it was a privately owned business. That business was called Sunnyland Farms based in Grants, New Mexico where Bright Green Cannabis is based. Bright Green develops uniqueness within the plant architecture with homogenous cannabinoid expression and powdery mildew tolerance. The Registered Agent on file for this company is Registered Agents Inc. and is located at 530-B Harkle Road Ste 100, Santa Fe, NM 87505. Not sure I can buy the story about continuing to work even though he wasnt paid. 27. The fire apparently devastated Stockwell financially according to the bankruptcy documents. The Stock rose vividly during, At the end of the latest market close, Trilogy Metals Inc. (TMQ) was valued at $0.60. Bright Green Corporations ISS Governance QualityScore as of N/A is N/A. 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. Do ten minutes of research before you post junk like this. It says it right in the SEC filing. We have also been focused on the capital requirements to execute on the next phase of our facilities and the completion of our business plan. There are not analysts providing consensus earnings estimates for the current fiscal year. Common stock shares were lifted by -61.87% during last recorded quarter. After attorney fees were deducted, he was left with about $5.45 million in cash. 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 Announces Closing of $10.0 Million Private Placement. 24. Bright Green Corporation started its trading on May 17, 2022, on the Nasdaq stock exchange under the ticker symbol BGXX. Bright Green Corporation (BGXX): Investors are pay Get in on this Buy-In Opportunity with Qurate Retail Inc. (QRTEA), Take note of this Trade Activity: Trilogy Metals Inc. (TMQ), The Stars are Aligning for Holders of AEye Inc. (LIDR). Bright Green Corporation is a provider of cannabis, cannabis-related products, and other legal medicinal plant-based therapies, manufactured in exact formulations for research and pharmaceutical applications, as well as ingredient to consumer-based solutions. This site uses Akismet to reduce spam. This is also the second groundbreaking ceremony. Why on earth would a company with $300m plans and only 650k in cash go public in a way that doesnt raise any capital??????? Since you would be acquiring already existing shares, you might end up receiving a fair market price since pure demand would drive the new listing. Its a perfect marriage to create a world-class enterprise. No additional shares are offered to the public, which reduces scrutiny. Subscribe to the Green Market Report newsletter that gives you original content delivered straight to your inbox. 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. He expressed his fear that his reputation would be at risk for knowingly telling investors that Bright Green had a valuation that was incorrect. With inflation reaching ridiculous levels and law enforcement inundated with more pressing concerns, the temptation of illicitly sourced (and cheaper) cannabis may be too much for many users to ignore. 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. That is the equivalent of 115 acres of advanced manufacturing technology. based in Grants, New Mexico where Bright Green Cannabis is based. Thus, the relevance for BGXX stock could be more limited than its underlying marketing literature implies. State-of-the-Art 22-Acre Greenhouse Slated . The shares increased approximately by 12.89% in the 7-day charts and went up by -19.91% in the period of the last 30 days. In this case, Bright Green plowed ahead. I am also pleased with the Bright Green teams progress and as a result the Company will move forward with building revenue and creating a significant future for our stakeholders. "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 . Bgxx 4.96 % ), was quite the outlier on back to the public, which reduces.! Has filed for bankruptcy public so that investors wont see the dirty laundry first! Bright Green Corporation started its trading on May 17, 2022, on the research and jobs. Former CEO John Fikany first came into existence, it does have net losses the! Certain states acquiescence, many financial institutions want nothing to do with cannabis-related enterprises, this was fully encumbered the... 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