Bright Green today confirmed the successful registration of its federal license with the U.S. Drug Enforcement Administration (DEA). Bright Green’s DEA registration confers the necessary authorization to operate and create revenue under U.S. federal law, as well as qualifying the company to export into countries with equivalent recognition of cannabis and cannabis-related products for pharmaceutical purposes.
This registration follows completion of a significant process, which culminated with the agency’s site visits and inspections of Bright Green’s agricultural complex in Grants, New Mexico, with the final inspection on March 22, 2023. This process included an audit of both our manufacturing and extraction facilities, as well as the greenhouse currently under construction. The Company successfully demonstrated to the DEA its compliance with federal regulations covering the cultivation of marijuana for research purposes in compliance with the Controlled Substances Act (CSA) and international treaty obligations. Bright Green is now federally registered and well-positioned in this emerging market to generate significant revenue on a global basis and is now fully armed to commence revenue generation and plans to bring disruptive activities to the worldwide Medical Cannabis Markets.
“Recent announcements from President Biden on marijuana reform reaffirm the need for high-quality, precise materials for use in the research and development of cannabis and cannabis-related pharmaceutical products and medical treatments. Bright Green is now able and willing to fulfill this need and the potential market opportunity in the U.S. and abroad. We look forward to realizing the significant revenue opportunity with the impending completion of the Alterola acquisition, through the medicines and patented molecules that the acquisition brings, following which, we will immediately focus on the development of those assets with the FDA. We also look forward now, as a Federally legal business, to engaging with key institutions such as banking and healthcare federal insurance to maximize the benefits to the company and the patients we aim to serve," said Bright Green Chairman Terry Rafih.
This news follows the recent announcement of Bright Green’s utilization of the U.S. Citizenship and Immigration Services’ (USCIS) EB-5 Program to accelerate its 2023 growth strategy and generate capital for use in its greenhouse construction and operations. DEA registration confirms and streamlines the Company’s EB-5 funding initiative as federally compliant.