Bright Green, the first publicly traded company in the U.S. to be federally authorized to grow, manufacture and sell cannabis and cannabis-related products for research, pharmaceutical and medical applications, can qualify for the EB-5 program and plans to raise $500 million in new capital
The Company plans to use a combination of EB-5 funds and revenue from product sales to fund working capital and the expansion plans of its state-of-the-art extraction facilities in Grants, New Mexico, allowing it to generate significant income, with minimal dilution to current shareholders
The Company has engaged a team of 13 commissioned operators across the globe to advocate its EB-5 program and plans to process 13 applications per week, which will enable it to generate 573 available visas by May 1st, 2024, providing an immediate revenue opportunity of $45.76 million per month on average
GRANTS, N.M., May 03, 2023 (GLOBE NEWSWIRE) -- Bright Green Corporation (NASDAQ: BGXX) (“Bright Green” or “the Company”), the first federally authorized, publicly traded company in the U.S. permitted to grow, manufacture, and sell, legally under federal and state laws, cannabis and cannabis-related products for research, pharmaceutical applications and affiliated import and export, today confirmed the launch of their EB-5 website and committed program following their recent historic U.S. Drug Enforcement Administration (DEA) approval and registration. The Company announced in February that it has commenced utilization of the U.S. Citizenship and Immigration Services’ (USCIS) EB-5 Program to accelerate its 2023 growth strategy and generate significant capital for use in its greenhouse construction and operations in Grants, New Mexico.
The DEA registration followed the completion of a significant process, which culminated with the agency’s site visits and inspections of Bright Green’s agricultural complex in Grants, New Mexico, with the final inspection on March 22, 2023.
Bright Green CEO, Seamus McAuley said, “Bright Green is delighted to announce the launch of our dedicated EB-5 website to inform and guide potential investors interested in pursuing an EB-5 investment with the Company. We are now federally approved and have filed our DEA registration documents with the USCIS, certifying the legal business requirements of the federal program. With access to capital Bright Green is very well-positioned to forge forward and engage our target markets, which have an extremely valuable addressable revenue potential. The Company is poised to penetrate diverse market segments ranging from nutritional enhancements, animal health, human medicines and human cosmetics, representing a total addressable market of $18.2B.”
He continued, “The market opportunity gives us a clear picture of the revenue potential in each of our chosen verticals and allows us to forecast our revenue inputs to fund the overall capital requirements to complete phase 2 of our expansion plans in Grants, New Mexico. The EB-5 funds, in combination with our own revenues, will help the expansion and subsequent growth of the Company, capitalizing on the market opportunity ahead of us and the volume requirement available to service our own products, as well as to service our customers. We are now building our network of partners as we look to commence the required regulatory steps to develop our current portfolio. The launch of the EB-5 program confirms and streamlines the Company’s EB-5 funding initiative as federally compliant, and our program status ensures that any investor application will be processed with top priority by the USCIS.”
About Bright Green
Bright Green is one of the very few companies authorized 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. Our registration by the U.S. Drug Enforcement Administration gives us the opportunity to advance our vision of improving quality of life through the opportunities presented by cannabis-derived therapies. To learn more, visit www.brightgreen.us.
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. 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. Words such as “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” “shall” and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Such forward-looking statements include those related to our EB-5 Program capital raise. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond the Company’s control. The Company’s 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 Company’s 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 Company’s subsequent Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q, as well as other documents that may be filed by the Company from time to time with the SEC. The forward-looking statements included in this press release represent the Company’s views as of the date of this press release. The Company anticipates that subsequent events and developments will cause its views to change. 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. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of this press release. Additional information regarding these and other factors that could affect the company’s results is included in the Company’s SEC filings, which may be obtained by visiting the SEC's website at www.sec.gov.
Bright Green Media Contact
BrightGreen@edelman.com
Bright Green Investor Relations Contact
BrightGreenIR@edelman.com
