Bright Green Corporation Completes Restructuring, Exits Cannabis Sector

LOS ANGELES- Bright Green Corporation has finalized its restructuring plan, marking a strategic shift from the cannabis industry to the production of all U.S. Drug Enforcement Administration (DEA) scheduled controlled substances. This decision includes an agreement with the DEA to withdraw all cannabis-related renewal applications, with the possibility of reinstatement contingent upon future federal guidelines and market conditions.

Under the leadership of newly appointed CEO and Chairman Lynn Stockwell, the company aims to become a pioneer in the domestic production of legal controlled substances for medical purposes. The restructuring plan introduces new equity to fully satisfy approved creditor claims, ensuring that existing shareholders retain their interests without dilution.

Bright Green’s strategic focus includes a $3.5 billion investment to develop DEA and Food and Drug Administration (FDA) compliant mega-farms. These facilities are intended to produce active pharmaceutical ingredients (APIs) domestically, reducing reliance on imports and enhancing supply chain security. The company plans to collaborate with owner/operators who will have access to federal loan guarantees to support infrastructure development.

Additionally, the company is revitalizing its EB-5 investment program, which offers qualified foreign investors a pathway to U.S. residency in exchange for capital investment. Gurvinder Singh will rejoin Bright Green as General Manager, overseeing the EB-5 program administered by Bright Green Regional Center LLC.