Cannabis company Bright Green's immigration fundraising plan under scrutiny

Nasdaq-traded marijuana company Bright Green Corp. is once again under scrutiny and questioning, this time for its bold plan to raise $500 million through a federal investment program aimed at immigrant investors. The company announced in a February press release that it would use funds generated by the EB-5 Immigrant Investor Program to build its "world-class manufacturing and pharmaceutical production facility" in the small town of Grants, New Mexico. Florida-based Bright Green also plans to use the money to fund research and development as well as federal drug development clinical trials. However, experts familiar with the EB-5 Immigrant Investor Program are questioning the company, noting that: the EB-5 program is most often used for supplemental capital raising, not as a primary source of funding; the program is typically used to fund real estate projects, and no marijuana-related projects appear to be funded; the U.S. Citizenship and Immigration Services (USCIS) administers the EB-5 program, and the agency is part of the federal Department of Homeland Security (DHS), which is considered anti-marijuana because marijuana is a Schedule 1 drug at the federal level.

Information source: new.qq.com/omn/author/8713560