Bright Green Corp., a Florida-based cannabis company, made history last week by being the first “plant-touching” company to list its shares on a major securities exchange within the United States. The company, which boasts of being in possession of conditional approval from the U.S. Drug Enforcement Administration to grow research-grade marijuana, started trading on the NASDAQ exchange under the ticker BGXX on Tuesday last week. The exchange had earlier set $8 as the reference price for a share of this company, but when trading opened on Tuesday, the stocks started trading at $15.99. In the course of the day, the price climbed up to a maximum price of $36.44 though it eventually ended the day at $25.25. This closing price depicted a 216% increase from the reference price at which a share was set just before trading started. It should be noted that BGXX was categorized as a direct listing. In such a listing, the current shareholders of a company sell some of their shares, and the company doesn’t receive the proceeds from such a sale of stocks.
CannabisNewsWire, 05/26/2022 04:20:00