Grants, New Mexico, Jan. 25, 2024 (GLOBE NEWSWIRE) -- Bright Green Corporation (NASDAQ: BGXX) today announced the agreement to purchase assets from C2 Wellness Corporation. (“C2”), a Wyoming registered company with an address at 30 N Gould St, Ste R, Sheridan, WY, that owns certain platform technologies and associated intellectual property invented and developed by the scientific team of C2.
The purchase is for 5 million shares of common stock of Bright Green Corporation payable to all shareholders of C2. The implementation of the transaction has been approved by the board of both companies.
The primary assets relate to:
Novel cannabinoid molecules and their associated intellectual property;
Novel cannabinoid prodrugs, and their associated intellectual property;
Novel proprietary cannabinoid formulations, designed to target lymphatic delivery, and their associated intellectual property;
Novel proprietary nano-encapsulated cannabinoid formulations, in self dissolving polymers, and their associated intellectual property; and
Cannabinoids and cannabinoid pro-drug formulations for topical ocular delivery, and their associated intellectual property.
Along with the technology platforms and associated intellectual property come the scientific team of C2 and relationships with universities and a number of renowned academics worldwide.
“This acquisition and strategic partnership signifies a major advancement in plant-based drug development and solutions that not only enhance health and wellness, but also create significant value for the shareholders of both Bright Green and C2. This groundbreaking collaboration involves the acquisition of innovative CBD and THC-based molecules from C2 Wellness Corp by Bright Green Corporation,” said Lynn Stockwell.
Dr. Emmanuel Dumont, PhD, Senior Advisor to C2 Wellness Corp and is Associate Professor at Georgetown University co appointed with Hackensack Meridian Health Medical School -New Jersey and Associate Professor at the Center for Discovery and Innovation - Nutley, New Jersey where he is working among other tasks, on large -Language Models ( LLM) perfecting an AI Conversational Doctor able to conduct differential diagnoses and evaluate the emergency severity index of conditions.
He is a distinguished biotechnology expert, emphasises the importance of this alliance: "This collaboration with Bright Green Corporation is a testament to our dedication to leading in plant-based drug discovery and development. With my expertise in securing research funding, we are set to innovate CBD and THC analogs with enhanced properties, derived exclusively from plant sources. Our focus is on developing products that offer improved safety and efficacy over current CBD and THC-based medicines (Epidiolex? and Sativex?), aiming for superior patient outcomes with an addressable market of nearly $756 million.
The partnership will capitalise on the 'Drugs Made in America' initiative by Bright Green Corporation. The Active Pharmaceutical Ingredients (APIs) for the synthesis of CBD and THC analogs will be produced at Bright Green Corporation’s facility in Grants, with research and development activities taking place at a cutting-edge research center in Albuquerque, New Mexico. By employing proprietary artificial intelligence and machine learning tools, the partnership is geared towards designing novel CBD and THC analogs with improved pharmacological properties, marking a significant stride in plant-based medicine development.
Mr. Groovy Singh, CEO of Bright Green Corporation, stated, “Our collaboration with C2 and its scientific team strongly demonstrates our commitment to scientific research and innovation while simultaneously bolstering the management team, a key goal of ours in 2024."
Bright Green is one of the first companies selected and approved by the US government to legally grow, manufacture, and sell cannabis and cannabis-related products for research, pharmaceutical applications and affiliated export under legal and state law. Our approval, based on pre-agreed terms set by the U.S. Drug Enforcement Administration, gives Bright Green the opportunity to advance the vision of improving quality of life through the opportunities presented by cannabis-derived therapies. To learn more, visit www.brightgreen.us.
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made as of the date they were first issued and were based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management as of such date. Words such as “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” “shall” and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond the Company’s control, including but not limited to, the inability of the Company to raise funds under the Company’s EB-5 program, and the impact that new officers, directors and employees may have on the Company and the Company’s business and results of operations. The Company’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to, risks detailed in the Company’s Annual Report on Form 10-K and Quarterly Report on Form 10-Q, as amended and supplemented, as well as other documents that may be filed by the Company from time to time with the SEC. The forward-looking statements included in this press release represent the Company’s views as of the date of this press release. The Company anticipates that subsequent events and developments will cause its views to change. The Company undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of this press release. Additional information regarding these and other factors that could affect the Company’s results is included in the Company’s SEC filings, which may be obtained by visiting the SEC's website at www.sec.gov.
