The Company plans to foster relationships with learning institutes across the U.S. to enhance the application of scientific discipline to the field of medical and pharmaceutical cannabinoid therapies and to build upon this unique EB-5 initiative for capital moving forward.
The extension of the Bright Green’s EB-5 offering to foreign students studying in the U.S. will offer the benefits of U.S. citizenship to the students and provide capital to the Company.
GRANTS, N.M., July 17, 2023 (GLOBE NEWSWIRE) -- Bright Green Corporation (Nasdaq: BGXX) (“Bright Green” or “the Company”), one of the 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 announced that it is launching a university based EB-5 initiative to provide foreign students attending universities in the United States the opportunity to purchase an EB-5 visa through Bright Green. Given that the U.S. has the largest number of top universities in the world, it is one of the most preferred destinations for foreign students to pursue their studies. Becoming US Green Card holders not only allows students to live and work permanently in the United States both during and after graduation, but can provide real, tangible benefits not available to international students such as reduced tuition fees.
Seamus McAuley, Bright Green’s Chief Executive Officer, commented: “We are very excited to announce our plan to support U.S. university cannabis research and our foreign student EB-5 initiative, both of which touch on two very important strategic goals for the Company. First, raising capital to execute on our plans for the business, a primary focus for the Company moving forward. Second, we are also very excited to establish strong working relationships with the centers for higher learning across the United States given our absolute dedication to the application of scientific rigor to the development of our medicines and therapies. We firmly believe that the cannabis industry must be led by the scientific and research professionals who aim to harness cannabis’s therapeutic benefits in a safe, compliant, consistent, and targeted way. That is necessary for the regulatory bodies and political systems that underpin them to determine the proper and structured application of the appropriate compounds to treat conditions and to export them across the world. Ensuring that such developments are conducted in the United States and by the appropriately qualified individuals and organizations is a key step in progressing the adoption and commercialization of cannabinoid therapies, which will support Bright Green’s revenues. Our support for the universities will include, where appropriate in terms of the institute’s research status, access to Botanical Raw Material and Active Pharmaceutical Ingredients, as well as potential financial support for cannabis related research initiatives. Our goal is to support each institution according to their needs and preference so that they can maximize their engagement in our program. As the Bright Green business develops and unfolds, we will increasingly require skilled and qualified individuals, across a number of disciplines, to join or work with our team to help drive the development, research, and ultimately manufacturing of our medicines and medical therapies where we will develop further commercialization.’
“He continued: ‘Assisting students to gain US Citizenship is a method for us to be proactive in offering students an early opportunity to stay in the US post-graduation and pursue their career aspirations. International students often miss out on valuable practical experiences with top US companies that their US peers can take advantage of. A further challenge is posed during summers when the majority of other US students are able to secure paid internships. This is especially important in educational streams like law, medicine, finance, and engineering. F-1 students may not get the same opportunities and therefore may fall behind their peers in terms of CV building during their study years. Our initiative today aims to assist students to reduce their limitations by participating in our program and also allows Bright Green to begin meaningful engagement with learning institutes to advance and facilitate research activities in cannabis in general which, following our DEA registration, the Company is perfectly positioned to supply product, knowledge, and capital to these pursuits, and we are delighted to get underway and provide access for any interested foreign student to participate in our I-956F USCIS Petition.”
The Bright Green EB-5 Fund is already established and First Funds Received and full details of the Bright Green program are available for initial review on the EB-5 Website.
ABOUT THE FOREIGN STUDENT PROGRAM
The Bright Green Foreign Student Program is now available for students currently residing in the Unites States. Bright Green’s business and facility meet the requirements for a rural project as defined by USCIS and reauthorized by President Biden in 2022 in the EB-5 Reform and Integrity Act. The EB-5 program is allocated only 10,000 visas available each year, of which 2,000 are designated for rural projects. Once the student pays the fees as set by USCIS and the I-526E petition is filed with a concurrent I-485 and I-765 and the student receives a USCIS receipt number, the process begins. The latest experience the Company has regarding timing is that USCIS received the application on June 7, 2023 and on June 30, 2023 the applicant received Notice of Action I-797C case type I-485 application to adjust status for rural project, such as the Bright Green project. The applicant can now stay in the United States pending adjudication and within a few weeks will receive a Social Security Number and Work Permit. Importantly, a Visa is now set aside for this applicant and ready for permanent residence, once adjudicated. In some other cases an applicant petitioner can wait many years for a visa; under this program the applicant petitioner leapfrogs ahead of other EB-5 participants.
About Bright Green
Bright Green is one of the very few companies selected by the US 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 approval based on already agreed terms from 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.
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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. 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. 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 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. 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.
