The Big Board Welcomes First Cannabis Company to the Exchange

Florida-based Bright Green made cannabis-industry history when it began trading Tuesday on NASDAQ.  Bright Green is one of very few companies in the U.S. to produce cannabis with a federal stamp of approval. Bright Green was awarded a memorandum of agreement from the DEA for cannabis cultivation and distribution fully within federal law. The DEA-endorsement was sufficient to persuade NASDAQ to change it’s stance on disallowing cannabis companies, making Bright Green the first plant-touching company to ever trade on the exchange.

Under the DEA agreement, which has conditional approval on already agreed terms, Bright Green can cultivate, manufacture and sell cannabis for U.S. government research and to pharmaceutical producers of medicinal cannabis products. Bright Green is required to coordinate with the DEA on the production, storage, packaging and interstate distribution of federally legal cannabis. The DEA plans to award three to fifteen companies similar registrations.

As a grower, Bright Green owns a 70-acre parcel of land which includes a completed 22-acre greenhouse structure used to cultivate non-cannabis herbs and medicinal plants. Bright Green leverages automation and technologically driven research and development to cultivate pharmaceutical-grade plants. Automated robotics at the company’s greenhouses include the Visser transplanter robot , as well as automated growing systems to optimize yield.

Bright Green recently expanded from Florida to New Mexico with a state-of-the-art facility in Grants, NM. An existing greenhouse is being retrofitted and will include a two-acre cannabis research center pursuant to partnerships with U.S. universities.

Shares traded as high as $36.44 before closing at $25.25 on Tuesday, reflecting a 216% increase over the reference price of $8 a share.