Cannabis Company Bright Green Closes $10 Million Private Placement Financing Deal

Bright Green Corp., which hopes to obtain federal approval to grow marijuana on behalf of researchers, said it reached an agreement with investors to raise $10 million through a private placement of the company's stock. Bright Green, which is based in Florida and has a facility in New Mexico, has always said it has received a "conditional" license from the DEA, according to a press release. license from the DEA. Bright Green went public on the Nasdaq in May under the symbol BGXX, and investors raised the company's stock from an initial "reference price" of $8 per share to $58, giving it a market capitalization of more than $9 billion. At $58, the company had a market capitalization of more than $9 billion. But the stock has since plummeted, and has been trading below $2 per share since late July.

Source: marijuanamoment.net