Bright Green Corporation Charts New Course with Restructuring and API Manufacturing Plan

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In a February 24, 2025, press release (1), cannabis producer Bright Green Corporation announced it was beginning a new course following the recent restructuring security agreement (RSA) begun in December 2024. Lynn Stockwell, Chief Executive Officer and Chairman of the Board of Directors for Bright Green has asked the court to approve the RSA. The company has also entered into an agreement with the Drug Enforcement Administration (DEA) to withdraw cannabis renewal applications, potentially temporarily. The new vision for the company is the onshore production of active pharmaceutical ingredient (API) manufacturing using its existing registrations, licenses, and experience in diversion control (2).

“The Company will not canvas equity and then jeopardize shareholder value by the uncertainty of the United States Cannabis industry, currently this is not a business where normal banking is prohibited,” stated Stockwell, in the latest press release. “I have reset the course for Bright Green to become the first mover in the production of legal Controlled Substances for medical purpose establishing a reliable API supply chain.”

The legal controlled substances have yet to be produced in the US commercially, the press release stated.

In December 2024, Stockwell, the founder of Bright Green Corporation, Drugs Made in America Acquisition Corp I, and Drugs Made in America Acquisition Corp II, had agreed to the restructuring terms of Bright Green (2). It included cancelling all contracts, employment agreements, and more. The CEO, CFO and Board of Directors had resigned as part of the RSA.

“This new federal administration is actively positioning Bright Green to participate in the production, drug manufacturing and prescription drug delivery back to the United States,” Stockwell continued. “This creates an opportunity for Bright Green where the drugs purchased in the United States has a total addressable market of hundreds of billions of dollars. With likely tariffs protecting this new American industry and supply contracts the company will move forward to implement its planned owner/operator operations for a $3.5 billion dollar investment. The owner/operators will implement this capital to build new DEA and FDA compliant mega farms for the production facilities to produce controlled substances that can supply quality API by contract for the MADE IN AMERICA supply chain. Each American farmer owner/operator will have access to federal loan guarantees to support the new infrastructure that is expected to create thousands of new jobs for the infrastructure construction while fostering the Company’s EB-5 program with investment through legal immigration for this new business. The Company will continue its exclusive partnership with Asia Capital Pioneer Group Inc to help support its EB-5 marketing efforts across Asia and the world.”

Gurvinder Singh will rejoin as General Manager responsible for the EB-5 program. Planned revenue will be generated from production and supply contracts and EB-5 investment. Plans to build agricultural facilities, including 15-acre specialty greenhouses, in Texas, Arizona, and New Mexico have also been explored. The website for Bright Green Corporation is under construction at the time of this publishing.

References

1. Bright Green Corporation. Bright Green Corporation Announces the completion of its restructuring plan, withdraws from the Cannabis business and sets course on the production of all DEA Scheduled Controlled Substances. GlobeNewswire. https://www.globenewswire.com/news-release/2025/02/24/3031222/0/en/Bright-Green-Corporation-Announces-the-completion-of-its-restructuring-plan-withdraws-from-the-Cannabis-business-and-sets-course-on-the-production-of-all-DEA-Scheduled-Controlled-S.html (accessed Feb 24, 2025).
2. Bright Green Corporation. LYNN STOCKWELL ENTERS INTO A RESTRUCTURING SECURITY AGREEMENT (“RSA”) WITH BRIGHT GREEN CORPORATION AND ASSUMES THE ROLE OF EXECUTIVE CHAIR AND CEO. GlobeNewswire. https://www.globenewswire.com/news-release/2024/12/27/3002267/0/en/LYNN-STOCKWELL-ENTERS-INTO-A-RESTRUCTURING-SECURITY-AGREEMENT-RSA-WITH-BRIGHT-GREEN-CORPORATION-AND-ASSUMES-THE-ROLE-OF-EXECUTIVE-CHAIR-AND-CEO.html (accessed Feb 24, 2025).