BRIGHT GREEN EMBARKS ON MAJOR PARTNERSHIP WITH BENUVIA PHARMACEUTICALS. WILL SUPPLY PHARMA EXPERT WITH AMERICAN MADE RAW MATERIALS FROM ITS INDUSTRY LEADING AND DEA-APPROVED SCH I & II DRUG FACILITY.
Rhea-AI Summary
Bright Green (Nasdaq: BGXX) has signed a letter of intent to supply DEA-approved marijuana extracts and plant-based psychedelics to Benuvia Operations, a leader in pharmaceutical cannabinoids and psychedelic molecules. This partnership aims to produce domestically manufactured cGMP pharmaceutical-grade Active Pharmaceutical Ingredients (APIs) for US and global markets.
Bright Green is positioning itself as a leading domestic supplier of DEA-controlled, plant-based raw materials for cannabinoid, psychedelic, and opioid-based drugs in the USA. The company meets the DEA's high national standards for Schedule I & II drug cultivation and manufacturing, setting the stage for strong performance in 2025.
Positive
- Partnership with Benuvia Operations to supply DEA-approved marijuana extracts and plant-based psychedelics
- Potential to become a leading domestic supplier of DEA-controlled, plant-based raw materials
- Meets DEA's high national standards for Schedule I & II drug cultivation and manufacturing
- Positioned for strong performance in 2025
Negative
- Operations have not yet begun, indicating potential delays in revenue generation
- Dependence on regulatory approvals and compliance with DEA standards
News Market Reaction
On the day this news was published, BGXX declined 8.15%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
GRANTS, NEW MEXICO, Aug. 21, 2024 (GLOBE NEWSWIRE) -- Bright Green Corporation (Nasdaq: BGXX) (“Bright Green” or the “Company”) today announced that it has signed a letter of intent to supply its DEA-approved marijuana extracts and plant-based psychedelics to Benuvia Operations, a FDA registered, DEA licensed and cGMP certified leader in pharmaceutical cannabinoids, as well as psychedelic molecules currently under investigation for clinical use.
This completely homegrown agreement signals Bright Green’s ability and commitment to supply US pharmaceutical partners with high quality organic materials. As part of the supply agreement proposed in the LOI, Benuvia intends to leverage Bright Green’s unique position to produce Schedule I & II raw materials in full compliance with Good Agricultural and Collection Practices (GACP), Good Manufacturing Practices (GMP), and the DEA, all within the USA, to produce domestically manufactured cGMP pharmaceutical-grade Active Pharmaceutical Ingredients (“APIs”) for US and global markets.
Bright Green sees this as yet another step towards becoming the leading domestic supplier of DEA controlled, plant-based raw materials to produce cannabinoid, psychedelic and opioid based drugs in the USA. With a new round of fundraising and supply agreements in the works, Bright Green is positioned for a strong performance in 2025.
The Drug Enforcement Administration (DEA) just completed its annual operational procedures for all its Schedule I & II drug cultivation and manufacturing in July. Bright Green meets this high national standard and is now one step closer to beginning operations and supplying the pharmaceutical world with the materials it needs to innovate.
ABOUT BRIGHT GREEN CORPORATION
Bright Green is one of the few companies authorized by the US government and the New Mexico Board of Pharmacy to grow, manufacture, and sell, legally under federal and state law, Schedule I and II plant-based drugs for research, pharmaceutical applications, and affiliated export. Bright Green’s approval from the U.S. Drug Enforcement Administration gives them the opportunity to advance their vision of improving quality of life through the opportunities presented by cannabis and other plant based derived therapies and more. To learn more, visit www.brightgreen.us
ABOUT BENUVIA
Benuvia Operations, LLC is a pioneering leader in the research, development, and commercialization of innovative pharmaceutical products across a wide range of therapeutic areas. Benuvia is committed to improving patient outcomes through rigorous scientific study and quality manufacturing practices. With FDA registration, DEA licensing, and cGMP certification, Benuvia operates at the forefront of the pharmaceutical industry. Benuvia's flagship product, SYNDROS, is an FDA-approved medication used for the treatment of anorexia associated with weight loss in patients with AIDS and for managing chemotherapy-induced nausea and vomiting. To learn more, visit www.benuvia.com.
Media Inquiries & Investor Relations Contact
ir@brightgreen.us
FAQ
What is the significance of Bright Green's partnership with Benuvia Pharmaceuticals?
What products will Bright Green (BGXX) supply to Benuvia Pharmaceuticals?
How does Bright Green's DEA approval impact its business prospects?
What is Bright Green's (BGXX) current operational status as of August 2024?
