Bright Green, a company selected by the U.S. government to grow, manufacture, and sell, legally under federal and state laws, cannabis and cannabis-related products for research, pharmaceutical applications and affiliated export, announced that it will move forward with its previously announced acquisition of Alterola Biotech.
By exercising its option to purchase Alterola’s remaining issued and outstanding common stock over the coming months, Bright Green will complete the acquisition using Bright Green common stock.
“Today’s announcement is the culmination of discussions and confirmation of our intention to acquire Alterola,” said Bright Green’s Chief Executive Officer, Seamus McAuley. “Alterola’s deep sectoral expertise and pharmaceutical assets will help us more efficiently scale our operations and harness the therapeutic benefits of the Alterola Cannabinoid and Cannabinoid-like medicines, as well as bring a clear path to revenue in 2023.”
“Combining Bright Green and Alterola is a very exciting prospect,” said Alterola Executive Chairman, Tim Rogers. “Our organizations share a common mission to harness the therapeutic potential of medical cannabis and cannabis-based medicines. We look forward to blending our intellectual property programs into Bright Green – particularly at this important period in the company’s trajectory – and accelerating the pharmaceutical development and commercialization of these important therapies. Bright Green’s facilities in New Mexico, in combination with our Memorandum of Agreement from the U.S. Drug Enforcement Administration, brings a huge asset to bear on the Alterola pipeline and brings us closer to delivering the therapeutic benefits of our drug candidates.”