Bright Green Provides Operational Update on its Agricultural Complex in Grants, New Mexico
State-of-the-Art 22-Acre Greenhouse Slated for Completion in August
Preparations for the U.S. Drug Enforcement Agency Inspection are on Track; Slated for Later this Summer
GRANTS, N.M., June 28, 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 cannabis-related products for research, pharmaceutical applications and affiliated export, today provided an update on the progress made on its world-class agricultural complex in Grants, New Mexico.
Since the Company’s direct listing on Nasdaq in May 2022, significant progress has been made on its development efforts as it prepares to grow, manufacture and market federally-compliant cannabis in one of the world’s largest, most advanced agricultural ecosystems for medicinal plants.
Upgrades to Existing Facility
Bright Green is on pace to complete renovation of its existing 22-acre facility this coming August. The Company has completed installation of medical-grade panels throughout the interior and exterior walls, and the greenhouse facility has been reglazed with special glass that transmits 98% light with a 20% haze, which is optimal light intensity based on the environmental conditions in Grants. A high-tech security solution is in the process of installation and inspections to ensure compliance with the Company’s standard operating procedures and all federal security requirements. Clean rooms and offices are expected to be delivered and installed in the coming weeks.
“We are excited to report on the immense progress we have made at our world-class agricultural facility since listing on Nasdaq on May 17, 2022,” said Bright Green’s Chairman of the Board, Terry Rafih. “These developments ensure we will meet the highest standard of U.S. Food and Drug Administration (FDA) and Drug Enforcement Administration (DEA) security and diversion control at completion, and enable us to begin growing high-quality, pharmaceutical grade cannabis in Grants later this year.”
High-Tech Cannabis Production Facility
Beyond the initial facility outlined above, the Company is also focused on the construction of two additional greenhouses that are 57-acres each and will facilitate cannabis research, development, cultivation, and manufacturing operations. Construction on Phase 2 is expected to commence in 2023 subject to capital and normalization of supply chain issues. Bright Green plans to equip these additional facilities with cutting-edge technologies supplied by Dalsem Greenhouse Solutions. The implementation of these, and other renewable energy technologies, should allow the Company to maintain a net-zero carbon footprint once operational.
Completing the facility and leveraging the cannabis manufacturing expertise of Bright Green’s team, the unique climate of New Mexico, and its suitability for cannabis crops will enable the Company to meet the significant demand for its high-quality cannabis products that it anticipates from U.S. and international markets.
Once fully built out, Bright Green anticipates its facilities will be capable of producing up to ~100,000 grams of resin per day with a concentration of a minimum of 85% useful cannabinoids for commercialization. This capacity of this facility should yield more than 850 million grams per year.
Bright Green construction projects are proceeding on schedule for the company’s inspection by the DEA, now scheduled for later this summer. Following the DEA’s authorization post-inspection, Bright Green will commence growing plants in its current 22-acre state-of-the-art production facility and selling cannabis to DEA-registered pharmaceutical companies to produce medicinal cannabis or cannabis preparations. DEA registration will also enable the Company to produce and sell cannabis for export internationally and to supply the growing cannabis clinical research market to those who hold a license comparable to a U.S. Schedule 1. The Company’s first harvest is expected this fall.
In early June 2022, Bright Green entered into a partnership agreement with Techson IP (“Techson”), a patent and intellectual property strategy consulting firm, to collaborate on the acquisition and future development of intellectual property (IP) across the cannabis industry. As Bright Green’s broker, Techson will research, review and assess new IP available in the sector and being offered to Bright Green for acquisition or licensing. Techson will also provide research and consulting services as Bright Green ramps up its growing operations and brings its world-class research and development facilities online.
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. 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 May 11, 2022 and in the company’s Quarterly Report on Form 10-Q filed with the SEC on June 7, 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.
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 conditional 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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