The Company views the development as an additional milestone building on its key strategic achievement in 2023 already including its historic DEA registration and confirmation of its EB-5 program.
The Company looks now to produce its first harvest of Botanical Raw Material and Active Pharmaceutical Ingredients from its state of the Art Greenhouse in New Mexico.
GRANTS, N.M., June 23, 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 federal and state laws, cannabis and cannabis-related products for research, pharmaceutical applications and affiliated export, today announced that it is set to join the broad-market Russell 3000® Index at the conclusion of the 2023 Russell indexes annual reconstitution, effective after the US market opens on June 26, 2023.
The annual Russell indexes reconstitution captures the 4,000 largest US stocks as of April 28, 2023, ranking them by total market capitalization. Membership in the US all-cap Russell 3000® Index, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000® Index or small-cap Russell 2000® Index as well as the appropriate growth and value style indexes. FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings and style attributes.
“We believe that inclusion in the widely referenced Russell U.S. Indexes is another milestone in Bright Green’s progress, which includes our recent DEA approval making us the only publicly traded, federally authorised company in the United States,” said Seamus McAuley, Bright Green’s Chief Executive Officer. “We look forward to continued progress on our strategic path as we now shift our focus to producing high quality API and botanical raw material for sale to researchers across the U.S. and internationally, as well as producing API for candidates, and so, inclusion in the Russell Index in the healthcare category is continued demonstration of our progress and of the development of the Company and its capabilities.
“The Bright Green business aims to elevate the use of cannabis, through the application of scientific rigor, to harness its therapeutic value. Driven by a renowned team of scientists, we have an extensive IP portfolio which will allow us to develop medicines which have an impact on people’s health around the world and we are excited to begin our pre-clinical program. We are fully committed to the science, development and worldwide marketing of FDA non-synthetic medicines and, as a biopharmaceutical company, our focus is on delivering safe, effective medicines which harness the benefits of cannabinoids and which meet all the regulatory standards required for each stage of that development including a state of the art greenhouse utilising the most up to date growing methods, GMP and GACP compliant manufacturing facilities and a robust and effective Quality Management System which underpins all of our actions. We are delighted to be included in the Russell Indexes as recognition of those efforts to date, the value we have created, and to the continued appeal to investors moving forward. Given all the current activity in the Company we have added a frequently asked questions document to our website which provides a comprehensive overview of all the recent developments in the Company and the impact of each.”
Russell Indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $12.1 trillion in assets are benchmarked against Russell’s US Indexes. Russell Indexes are part of FTSE Russell, a leading global index provider.
For more information on the Russell 3000® Index and the Russell indexes reconstitution, go to the “Russell Reconstitution” section on the FTSE Russell website.
About Bright Green
Bright Green is one of the very few companies selected 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 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 cannabis-derived therapies. To learn more, visit www.brightgreen.us.
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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. 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 Quarterly Report on Form 10-Q/A filed with the SEC on August 19, 2022, 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.