Bright Green Corp., a Fort Lauderdale, Fla.-based company with conditional approval from the U.S. Drug Enforcement Administration (DEA) to produce federally legal cannabis, on Tuesday filed plans to directly list its shares for trading on the Nasdaq under the ticker symbol “BGXX”. Bright Green Corp. disclosed 157.6 million shares of stock held privately by 425 stockholders of record as of Feb. 28. Based on a price of $4 a share in a private stock sale in January, the company’s current valuation is about $630 million, which would make it larger than many U.S. cannabis companies that trade on the Canadian Securities Exchange and the OTC market. “We will operate legally under all applicable laws and be authorized by the federal government to sell cannabis commercially for research and manufacturing purposes, export cannabis for international cannabis research purposes, and sell cannabis to DEA-registered pharmaceutical companies for the production of medical cannabis products and preparations,” Bright Green Corp. said in its prospectus. Bright Green Corp. is working with EF Hutton, a division of Benchmark Investments LLC, to list its shares and propose a public market price when the stock debuts.
420 Intel – Marijuana Industry News, 03/29/2022 20:00:00