A cannabis research facility hopes to begin trading on NASDAQ this week

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Bright Green Corp is a DEA-approved cannabis research company with high hopes for going public

Receiving the green light from the Drug Enforcement Administration (DEA) to be an entity capable of producing federally legal cannabis for research purposes is no easy task. Yet Bright Green Corporation is one of the few firms that has received this approval, and now its efforts are focused on listing its common stock on Nasdaq today.

The company’s line of business is distinct from state-licensed cannabis companies that engage in commercial sales to consumers. Many of them operate under state law but still lack federal approval.

Bright Green has all the green lights of applicable laws and is authorized by the federal government to sell cannabis commercially for research purposes. Many DEA registered pharmaceutical companies use this plant to have more congruent studies on what consumers are buying today.

“We plan to sell cannabis to research institutions pursuant to our conditional approval from the DEA, the company says. Sales of THC cannabis products will be made only via bona fide supply agreements from existing DEA registrants, and not directly to consumers. Following final approval from the DEA, Bright Green will receive a Controlled Substances Bulk Manufacturing Registration to cultivate and manufacture cannabis for sale to federally funded research institutions and other purposes. There is no guarantee that we will receive final approval from the DEA.”

The company appears to be quite successful in the goals it has set for itself. It currently holds licenses from the New Mexico Board of Pharmacy, including a Controlled Substance Facility License. As if that were not enough, the company also holds a Continuing Commercial Hemp Research Production License from the New Mexico State Department of Agriculture.