Bright Green Corp. (NASDAQ: BGXX) announced it plans to open its Grants agricultural complex this year and that the company raised $10 million through stock sales.
The Florida-based cannabis growth and manufacturing company plans to operationalize the Grants complex in the fourth quarter of this year, pending final U.S. Drug Enforcement Administration approval, according to a Sept. 22 news release. DEA agents completed a site visit and audit this month which shows Bright Green has "a few remaining items" to complete before receiving approval, the release said.
Construction began last October and is expected to bring over 200 research and agricultural jobs to New Mexico once operational. The new facility will be about 115 acres, and combine two 57-acre greenhouses, dubbed "Candelaria" and "Azuz."
The two new greenhouses, along with retrofitting Bright Green's existing 22-acre greenhouse facility and developing a tissue lab on the complex will cost nearly $300 million over three years, according to a recent Securities and Exchange Commission filing.
Wholesale cannabis manufacturing for domestic and international research institutions, U.S. pharmaceutical production and Food and Drug Administration supply are among the company's planned business lines, according to the filing. Bright Green does not now sell cannabis directly to consumers.
Bright Green, earlier this month, sold more than 9.5 million shares of stock at $1.05 per share in a private placement to raise about $10 million, according to a Sept. 12 news release. The company started trading on the Nasdaq exchange this May.
Former CEO Ed Robinson stepped down in July and is acting as capital markets advisor for Bright Green through 2023, according to a July 1 release. Bright Green's Board of Directors named Chairman of the Board, Terry Rafih, as Interim CEO, according to the release.
BGXX stock was trading at about $1.20 per share at the time of publication.
