Bright Green, one of the few companies eligible for authorisation to grow, manufacture and sell cannabis under both Federal and state laws, this week reported its Q3 figures.
The NASDAQ-listed company reported no revenues in the three months to September 30, 2023, ‘as it continued to construct facilities for its cannabis cultivation, research and distribution’.
Operating expenses fell significantly over the quarter however, dropping from $5.8m to $1.8m year-on-year, largely due to ‘significant costs associated with stock based compensation and professional fees’ in Q3 2022.
This saw the company report a net loss of $1.9m for the quarter, equating to a basic and diluted loss per share of $0.01.
Having raised a total of $3.1m through stock offerings in 2023 so far, the company said it had cash on hand of $121.7k, and liquidity of around $15m.
During the quarter, the company reportedly applied for expansion of its cannabis business to include the production of additional controlled substances in full compliance with state and federal laws.
In preparation for upcoming government inspections, Bright Green’s Grants, New Mexico facility is undergoing the necessary changes to accommodate the expansion plans.
“This quarter, Bright Green was focused on several key operational and strategic milestones revolving around searching for and onboarding a new Chief Executive Officer with significant international and cannabis experience and marketing of the EB-5 capital raising program” CEO Terry Rafih said.
“We remain committed to making strategic decisions to maximize shareholder value with minimum further dilution, as well as, capitalize on the opportunity to secure the ability to produce controlled substances beyond cannabis.”
The company added in a press release: “Our registration by the U.S. Drug Enforcement Administration gives us the opportunity to advance our vision of improving quality of life through the opportunities presented by cannabis-derived therapies.”