Bright Green Corporation (BGXX) submits for historic DEA Registration for Production of Schedule I and Schedule II controlled substances.
March 07 2024 - 8:00AM
Bright Green Corporation, a Delaware corporation (the “Company”),
announced today the submission of its DEA Registration for Bulk
Production of Schedule I and Schedule II Controlled Substances. The
application is an official and substantial step in Bright Green's
expansion into the legal manufacturing of plant-based controlled
substances including psilocybin, peyote, ibogaine, coca leaves, and
opium poppy, alongside their active pharmaceutical ingredients
("API") for medical, research, and other legal purposes. The move
aligns with Bright Green's commitment to providing a domestic
supply of essential medications, addressing critical concerns
associated with disruptions to the global pharmaceutical supply
chain, and the national security risk currently posed by the United
States’ dependency on imports.
Last year, Bright Green obtained its DEA
Registration for the Bulk Manufacturing of Cannabis, a Schedule I
Controlled Substance, and recently received approval from the New
Mexico Board of Pharmacy to produce additional Schedule I and
Schedule II Controlled Substances. In response to these approvals
already in place, Bright Green has undergone substantial
renovations and expansions at its Grants, New Mexico facility to
support this new era of operations.
"Our vision is to play a vital role in
production, storage and supply of plant and fungi-based controlled
substances domestically to secure and continue the plan for “Drugs
Made in America” said Bright Green’s CEO Groovy Singh on Monday.
"Through continued rigorous compliance with federal, state, and
local regulations, we aim to contribute to the advancement of
medical research and alleviate the impact of chronic diseases
affecting a significant portion of the U.S. population."
Bright Green's application demonstrates its
dedication to meeting the public interest factors outlined by 21
U.S.C. § 823(a), including effective diversion control, compliance
with laws, promotion of technical advances, and a commitment to
public health and safety. The Company has assembled a team of
experienced professionals to lead its controlled substance
production efforts, ensuring adherence to stringent security and
compliance standards.
The submission of this registration marks a
significant milestone for Bright Green Corporation as it pioneers
the “Drugs Made in America” movement. The Company looks forward to
collaborating with the DEA and the State of New Mexico to
facilitate the safe and responsible production and distribution of
medications to meet rapidly growing demand.
About Bright Green
Bright Green became the first publicly-traded
company in almost a century to receive federal approval for the
production of Schedule I and Schedule II controlled substances in
2024 when it received unique licensing from the New Mexico State
Board of Pharmacy. As 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, Bright
Green is a pioneer for the “Drugs Made in America” movement. Our
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 plant, fungus, and cannabis-derived therapies. To
learn more, visit www.brightgreen.us.
Media Contacts: Interdependence Public Relations Owen Phillips /
Grace Connor BrightGreen@Interdependence.com
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. 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. 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, including but not limited to, the inability of
the Company to raise funds under the Company’s EB-5 program, and
the impact that new officers, directors and employees may have on
the Company and the Company’s business and results of operations.
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 Annual Report on Form 10-K and Quarterly Report on Form
10-Q, as amended and supplemented, 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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