DEA Clears This NASDAQ-Traded 'Plant-Touching' Firm To Research And Produce Schedule I And II Plant-Based Drugs
Portfolio Pulse from Jelena Martinovic
Bright Green Corporation (NASDAQ:BGXX) has received final approval from the New Mexico Board of Pharmacy and the DEA to research and produce Schedule I and II plant-based drugs. This approval allows the company to advance its 'Drugs Made in America' movement, addressing the supply chain shortage for plant-based medicines. The research and production will occur in Albuquerque and Grants, New Mexico, respectively. CEO Groovy Singh plans to leverage capital from an EB-5 partnership and federal agencies for infrastructure expansion. BGXX shares traded 4.5222% lower at $0.2238.
February 23, 2024 | 8:10 pm
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Bright Green Corporation received DEA approval to research and produce Schedule I and II drugs, aiming to address plant-based medicine shortages. Shares fell 4.5222% to $0.2238.
The DEA approval positions BGXX as a leader in plant-based drug research and production, potentially boosting its long-term prospects. However, the immediate stock price drop indicates short-term market skepticism or profit-taking. The approval is critical for advancing the company's 'Drugs Made in America' initiative and addressing supply chain issues, but investor reactions to the news and the company's future capital raising plans could introduce volatility.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100