Bright Green Achieves Landmark DEA Approval As A Bulk Manufacturer Of Cannabis

Bright Green Corporation BGXX recently announced that it has successfully registered its federal license with the DEA for the cultivation, manufacture and sale of cannabis and cannabis-related products for research and pharmaceutical applications under federal and state law.

The DEA registration grants Bright Green the necessary authorization to operate and generate revenue under US federal law, as well as export to countries that have a similar recognition of cannabis for pharmaceutical purposes, per a release procured exclusively by Benzinga.

Terry Rafih, Bright Green's executive chairman, thanked the entire team and legal advisors who were instrumental in achieving this milestone. “The approval is historic for Bright Green and marks an exciting moment for the company's shareholders,” said Rafih. “The company will now be able to generate significant revenue on a global scale while also developing alternative treatments to replace the use of opioids.”

DEA registration now allows Bright Green to:

• Operate and create revenue under U.S. federal law;
• Export into countries with equivalent recognition of cannabis and cannabis-related products for pharmaceutical purposes; and – most critically,
• Positively impact patients in need of and awaiting alternative therapies to address medical challenges across therapeutic areas, the company told Benzinga.

Seamus McAuley, Bright Green's CEO, said that the “DEA's approval marks a significant milestone for Bright Green's shareholders and, more importantly, for patients worldwide who are in need of alternative therapies to address medical challenges across many therapeutic areas.”

Moreover, Eric Berlin, Bright Green's lead counsel at Dentons US LLP and co-head of the firm's Cannabis Group, congratulated Bright Green, stating that the company had become the first and only US publicly traded cannabis company in full compliance with US federal and state law.

“This distinct position gives Bright Green, in this emerging area, the ability to sell interstate and export internationally, to access capital currently unavailable to state operators like its Nasdaq listing and EB-5 raise, to scale to demand in one location under one set of regulations and standard operating procedures, to benefit directly from a rescheduling of cannabis, and to avail itself of all other rights and services as a fully legal company,” Berlin said.

The company's achievement followed the DEA's site visits and inspections of the company's agricultural complex in Grants, New Mexico, and audits of its manufacturing and extraction facilities, including the greenhouse under construction.

“This news follows the recent announcement of Bright Green’s utilization of the U.S. Citizenship and Immigration Services (USCIS) EB-5 Program to accelerate its 2023 growth strategy and generate capital for use in its greenhouse construction and operations. DEA registration confirms and streamlines the Company’s EB-5 funding initiative as federally compliant,” per the release.

Background

A year ago, Bright Green made history by becoming the first U.S. plant-touching company to list on a major U.S. stock exchange. As one of the few companies selected by the US government to grow, manufacture, and sell cannabis and cannabis-related research products, Bright Green's successful public listing was a remarkable achievement.

Trading under the symbol BGXX, the stock opened at $15.99, exceeding the NASDAQ's reference price of $8 for a direct listing.

With this milestone, Bright Green has proven that the legal cannabis industry is a legitimate player in the U.S. economy, and investors can expect to see promising growth prospects in the industry.

Price Action: Bright Green's shares are up after the company announcement trading 4.14% up on Monday evening, closing at $1.51 per share.

Image By Benzinga