GRANTS, N.M., Aug. 10, 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 both federal and state laws, cannabis and cannabis-related products for research, pharmaceutical applications and affiliated export, today announced that specific plants have now been selected for the test crops at its Grants New Mexico facility, and the company gives its operational updates.
Revenue generation is planned to start late 2023 in our phase 1 greenhouse, with planned full production in the phase 1 greenhouse and the new construction of the phase 2 greenhouses starting in 2nd quarter 2024 and completion of phase 2 in late 2025. This complete build out will be the largest production and manufacturing facility of pharmaceutical grade cannabis extracts in the world. The company projects minimum debt and minimum share dilution to achieve these accomplishments through its previously disclosed $500 million EB-5 visa fundraising. The company expects and has these expectations by careful design to be the lowest cost, and highest quality producer of pharmaceutical cannabis in both dried flower and extract based applications for sales domestically and export to the European markets. The company has minimum debt, access to minimum dilution, no cost capital, and a proven best climate for cultivation these are facts the company has implemented in its plans.
A Unique Project
In 2019, the DEA announced steps to increase access to cannabis for research purposes. Bright Green was instrumental in shaping this new program and is authorized to utilize the company’s Grants, New Mexico facility to produce high-quality cannabis intended for pharmaceutical and other product applications. As a DEA-approved project, the largest of its kind, Bright Green has partnered with Controlled Environment Agriculture Design (CEAd), team of project managers, engineers, designers, and industry professionals who specialize in technical consulting services for the controlled environment agriculture industry. Joel Fuzat, SVP of Innovation at CEAd described the relationship with Bright Green: “We have been providing direction and support to the Company with their documentation and technical papers since 2021 and have been developing a full scope of services with a special emphasis on facility design, and an integrated technology and automation platform.” He continued: “The solutions CEAd is directly providing, or supporting through select partnership, are designed to fulfill the DEA’s criteria for security and control, while also creating and implementing a foundation for pharmacovigilance at the production level which will satisfy FDA cGMP requirements along with other national and international standards.”
The Facility
Thomas Larssen, President of CEAd, explained the two phases for the Grants facility: “Phase 1 of the project consisted of the retrofitting an existing high-tech 1 million sq ft. Dutch Venlo style glass greenhouse in a location with a well-suited climate for low-cost, high quality cannabis production. The interior has been removed and reconstructed from the ground up. It is important that each cultivar is provided a climate that fulfills the biological potential of the plant. We then ensure that the climate is maintained year-round, as batch-to-batch consistency in the chemotype during cultivation of the botanical raw material is critical. It is necessary to ensure the consistency of the chemical fingerprint of both the raw materials and the subsequent extracts are maintained to ensure consistent batch-to-batch quality, safety, and efficacy of the botanical drug products. Mr. Larssen added that “to help achieve the lowest possible cost of production, crop automation is used to avoid repetitive tasks and increase throughput.”
Phase 2 includes two additional highly automated greenhouses, each consisting of 57 acres for a combined 114 acres of production. “This is where things get high-tech with a fully automated benching system, the latest high-efficiency LED lighting, and the best in climate controls. This vision of the project funded by the EB-5 program: constructing the highest tech, highest density cannabis production possible all DEA, pharmaceutical grade and FDA compliant.”
Plant Technology Suppliers
The Company has contracted with two groups capable of providing the necessary chemovars while maintaining them in conditions completely free of pests and diseases such as Hop Latent Viroid. Nordic Supreme, based in Odense, Denmark, is a forward-thinking multi-disciplinary team consisting of breeders and researchers who are experts in production of unique cannabis varietals suitable for commercial greenhouse operations. As the Bright Green’s market evolves and demand for specific molecules crystallizes, Nordic Supreme will be providing a breed program that supports increased production of select cannabinoids along with disease and pest tolerance or even resistance. Mads Ulrik Pedersen, Founder of Nordic Supreme commented, “Our specialty is providing high performing genetics with select characteristics necessary for today’s medical cannabis market. We currently have cultivars highly suitable to Bright Green’s pharmaceutical platform and look forward to developing custom breeds, with a focus on increasing the availability of minor cannabinoids that BG off-takers will require.”
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.
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