It focuses on the research and development of cannabis strains and sales of products with cannabinol (CBN) and cannabigerol (CBG). The company's principal address is . Company remains on track to start cultivation by the end of the year. While the likely federal approval of Bright Greens cannabis enterprise will be a landmark achievement, the company has to parlay that success with meaningful momentum. At the very opening of the session, the stock price was $0.68, For the readers interested in the stock health of Sirius XM Holdings Inc. (SIRI). Ha Az sszes elfogadsa gombra kattint, azzal elfogadja, hogy a Yahoo s partnerei feldolgozzk az n szemlyes adatait, s klnbz technolgikat pldul cookie-kat hasznlnak szemlyre szabott hirdetsek s tartalom megjelentshez, a hirdetsekkel s tartalmakkal kapcsolatos mrsekhez, a clkznsgre vonatkoz elemzsekhez s a termkfejlesztshez. Stockwell is a Canadian citizen and his next-door neighbor in Canada was Jerry Capussi who is suing for shares of Bright Green. 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. Although Capussi never signed any contracts with Stockwell, he met with state officials, helped put together business plans, talked to potential vendors, traveled to New Mexico, provided meeting facilities, and the like. Today 200 Day Moving Average is the resistance level (2.146 $). He is no longer listed as having a role in the company. 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. He is also the chief executive officer of the corporation. By continuing I agree to your Privacy Policy and consent to receive relevant newsletters and other email communications on events, editorial features, and special partner offers from Green Market Report. If youre not yet familiar with the organization, here are twenty things you probably didnt know about Bright Green Corporation to bring you up to speed. The company's filing status is listed as Active and its File Number is 5992010. Bright Green Corporation employs 0 staff and has a market . Even though he said he had other offers on the table, the Stockwells said they could pay more. https://www.greenmarketreport.com/bright-green-former-ceo-claims-valuation-fraud/. In 2017, John Stockwell was listed as the CEO of Bright Green according to this Albuquerque story which stated the greenhouse would open in 2017. Learn how your comment data is processed. There are currently several companies that have been approved by the DEA to sell cannabis to the Federal Government for research purposes, so the concept cannabis company actually does have existing companies for comparison in order to determine a true valuation. Can I sue the company it took my 15K out of 30K investment, their fraud resulted in a heavy loss for me. John Stockwell supposedly has no official role in Bright Green, but he was featured in a photo (above) of a. in New Mexico in October 2021. According to the data provided on Barchart.com, the moving average of the company in the 100-day period was set at 0.8620, with a change in the price was noted -0.77. Under normal circumstances, good investment strategies often place a premium on provenance or an established track record for a business seeking capital funding. 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. The enterprise maintains its commitment to engaging in sustainable manufacturing processes and giving back to the earth. Robert Arnone is a director. 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. According to the NASDAQ website, Companies choosing a direct listing typically have had no immediate need for additional capital, have a large and diverse shareholder base and are a well-known brand with an easy-to-understand business model. 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 . GRANTS, N.M., Sept. 12, 2022 (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 . Your email address will not be published. It has the blessings of the DEA, through a memorandum of agreement signed by both parties. The company is sanctioned to provide cannabis, and cannabis-related products legally, for North American research projects. The Bright Green Corporation is conducting its business one hundred percent openly and above board. Bright Green Media ContactBrightGreen@edelman.com, Bright Green Investor Relations ContactBrightGreenIR@edelman.com. 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. Do your homework people!! 25. It is a company that is dedicated to furthering research to improve the quality of human life. However, costs to the listing company can be steep because one, it must recruit the services of investment banks and two, underwriters typically sell shares to the public at a discount to their intrinsic value to attract the most hype. These are just a few of the qualities that make Bright Green Corporation stand out in the agricultural and pharmaceutical product manufacturing arena. Required fields are marked *. Prior to becoming a financial journalist, Debra was a Vice President at Bear Stearns where she held a Series 7 and Registered Investment Advisor license. But this is just one of the opportunities we have researched in our free report. Photo published by Albuquerque Business First. The potential for entry into the US and international markets is high. The stock current value is $0.45.Recently in News on November 14, 2022, Bright Green Announces . Kurt Riley, surrounded by members of Tribal Council and Acoma Business Enterprises, signing a business agreement with Bright Green Group on Dec. 16, 2017. ET. She has covered the cannabis industry for several years at Forbes, Seeking Alpha and TheStreet. You can read the article here and decide for yourself. 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. This valuation figure is a key element in the complaint from the former CEO John Fikany. The minimum target price for Bright Green analysts is $ None. 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. So where are these claims coming from? The Bright Green Corporation has a long way to go until it reaches profitability. 26. Ultimately, Stockwell refused to send the escrow money to the Acoma Pueblo and that deal fell through. The Bright Green Corporation is still in the process of building its massive growing operation in New Mexico. state that in the NASDAQ Capital Market guidelines, The listing company must have a recent valuation from an independent third party indicating in excess of $10 million to $30 million in the aggregate market value of publicly held shares, depending on the financial standard met. Thus, he didnt meet the conditions of his employment and was terminated. Crunchbase confirms that Bright Green Corporation is in the Fort Lauderdale part of Florida. Despite your claims of their superior products, they dont even grow anything yet. The firm provides federally . This is also the second groundbreaking ceremony. Robinson was the Chief Executive Officer of BMW Financial Services for the Americas Region from April 2005 to December 2016. 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. About Bright Green Not big enough to recoup a 300m investment, thats for sure. 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. Bright Green could purchase more mature plants to speed up the process, but then the DEA would actually be buying someone elses plants. Stockwells wife Lynn Stockwell is a Director of the company and owns 44% of the voting shares or 69 million shares. It is essential for our combined cannabinoid product development programs as well as for delivering potentially game changing practices to benefit the patients who will receive our medicines. The combined group has the resources, technology and state and federal approvals to now achieve revenue unpresented in this emerging market. Bright Green develops uniqueness within the plant architecture with homogenous cannabinoid expression and powdery mildew tolerance. Bright Green is making fantastic progress, and 2023 promises to be a very exciting year as Bright Green and Alterola hope to come together following the completion of Bright Greens financing activities and the completion of their processing facilities in New Mexico, said Tim Rogers, Executive Chairman of the Board of Alterola. Bright Green operates a superior genetics breeding program, 5. Still, not everything about Bright Green is positively compelling. The excitement was short-lived, as the stock crashed back down to Earth. The documents state that Stockwell approached Capussi and asked for assistance in starting a greenhouse business in New Mexico. Get Bright Green Corp (BGXX)'s stock analysis, price valuation, corporate actions, and financials from India's independent mutual fund research house. Bright Green maintains Full Good Agricultural and Collection Practices while ensuring FDA/Good Manufacturing Practices compliance, and USDA compliance in a robust quality management system with production flexibility. $0.49. Price as of January 13, 2023, 4:00 p.m. The Company anticipates that subsequent events and developments will cause its views to change. Although Capussi never signed any contracts with Stockwell, he met with state officials, helped put together business plans, talked to potential vendors, traveled to New Mexico, provided meeting facilities, and the like. The systems and methods developed are nothing short of brilliant and they signal a turning point in the accuracy and precision that modern technological advances afford us. Bright Green Corporation went public via a direct listing on the NASDAQ in May 2022. As well, especially during these unusual circumstances, Wall Street can be volatile. If you like to purchase items on credit, its one of the easiest companies to use. The company is selective about the workers in charge of its live plant cultivation because the strains of the cannabis plants it develops must meet rigid standards of perfection. It intends to offer cannabis products, including cannabis flower, pre-rolls, concentrates, vape pens, capsules, tinctures, edibles, topicals, and other cannabis-related products The company was incorporated in 2019 and is based in Grants, New Mexico. Typically in groundbreaking ceremonies, only top executives or board members take the stage. These forward-looking statements should not be relied upon as representing the Companys views as of any date subsequent to the date of this press release. Anyone who gives them money deserves to lose it. The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. 1033 George Hanosh BoulevardGrants, NM 87020United States833 658 1799https://www.brightgreen.us. Our team is cultivating the industrys critical news into one source and providing open source insights and data analysis, Bespoke Financial Sues In Da Cut For Not Paying Its Debt https://t.co/cStDNi2CYO, Number of the Week: 35% https://t.co/czF1LKKFvP, Cannabis ETF Investors: Bad Timers, but Committed https://t.co/2sN9SCgUDh. 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. But the Florida-based company's shares have since plunged on the Nasdaq, from nearly $60 to the low single digits. Looking at the track record of Sunnyland and then Bright Green, it will remain a stock to keep under the microscope. In addition to the Capussi lawsuit, Bright Greens former CEO John Fikany is also suing the company. The company played up its connection to the DEA suggesting that the Memorandum of Agreement was a done deal, even though the company doesnt have a formal contract with the DEA. Your email address will not be published. CNMEC appealed the judgment and won giving Stockwell little more than his attorney fees. The public can only buy the shares that are sold by the insiders. The worlds most advanced agricultural ecosystem with state-of-the-art automation, Bright Green Systems of Operation Delivers, Leading the way through plant-based therapies. Another thing that is unique about companies going public is that the SEC requires a bankruptcy to be disclosed to potential shareholders. Currently, 35 states have issued mandates legalizing cannabis, which collectively offers a total addressable market of 3.6 million state-legal medical cannabis patients. The basic concept between an IPO and DPO is the same: enable retail (public) investors to acquire shares of a previously privately held enterprise. The team at Bright Green Corporation is experienced and vetted in their areas of expertise. Not one single plant has been grown. Therefore, it could theoretically expand the reach of its solutions to a greater magnitude than its competitors. Bright Green Corp. engages in the cultivation, manufacture, and sale of medical cannabis. . While consumers of pure cannabis products are wholly dependent on their individual state laws, Bright Green is a first mover in the federally licensed cannabis market. However, his wife Lynn Stockwell is a Director of Bright Green and John Stockwell did, The documents state that Stockwell approached Capussi and asked for assistance in starting a greenhouse business in New Mexico. Bright Green Corporation v. John Fikany, D-1333-CV-2020-00231, State of New Mexico, County of . The business made history when it entered the market to represent the cannabis industry on the stock exchange. A high-level overview of Bright Green Corporation (BGXX) stock. Bright Green Corporation has applied to be registered as an importer of basic class(es) of controlled substance(s). Although its everywhere these days, this is where the largest concentration of locations are, Read More 20 Things You Didnt Know About Texas RoadhouseContinue, If youve been to a supermarket lately, you are probably painfully aware of the shortages that are so readily apparent on the shelves. 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. The Stockwells are well known for their scam business ventures in their hometown of Leamington, Ontario Canada. Like many other aspirational IPOs, Bright Green is a pre-revenue firm, generating zero sales for 2021 and the prior year. Enjoying a colorful history in the U.S., the passage of the 1970 Controlled Substances Act outlawed the use (including for medical purposes) of the much-maligned plant. Stay up to date on the latest stock price, chart, news, analysis, fundamentals, trading and investment tools. Though the pros and cons of each format goes beyond the scope of this article, an IPO provides price stability in that underwriters negotiate terms before the newly listed company goes public. Many of the scams are basically pyramid scams. Bright Green Corporation is a privately-owned company consisting of an executive team experienced in technology, greenhouse operation, manufacturing, marketing, agriculture, body health & wellness and medical science. When the transactions were called. BGXX. 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 technology and automation . 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 . Another thing that is unique about companies going public is that the SEC requires a bankruptcy to be disclosed to potential shareholders. That boosted the share price in the early days further enriching the sellers. Its a pump and dump. Crain Communications Inc 2017 document.write(new Date().getFullYear());. The Bright Green Corporation shares its vision for creating a healthier planet inhabited by healthy people. 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. However, a noteworthy positive is its balance sheet. The future is uncertain for many industries, and the cannabis category is no exception. 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. The answer comes down to legality. 1. 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 Undeterred, Fikany continued to push back. Common stock shares were lifted by -61.87% during last recorded quarter. 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