Marijuana firm Bright Green’s immigrant fundraising plan draws scrutiny

Nasdaq-traded marijuana company Bright Green Corp. is again attracting scrutiny and questions, this time for its audacious plan to raise $500 million through a federal investment program that targets immigrant investors.

The company announced in a February news release it would use the money generated through the EB-5 Immigrant Investor Program to build out its “world-class production and drug manufacturing facilities” in the small New Mexico town of Grants.

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Florida-based Bright Green also plans to use the money to bankroll research and development as well as federal clinical trials for drug development.

Bright Green’s CEO calls the strategy “quite a novel way” to raise money at a time when cannabis industry funding is tight.

However, experts familiar with the EB-5 Immigrant Investor Program are raising questions about the company’s use of the investment vehicle.

The program allows international investors to qualify for a U.S. green card,

The post Marijuana firm Bright Green’s immigrant fundraising plan draws scrutiny appeared first on GrowCola.com.

Nasdaq-traded marijuana company Bright Green Corp. is again attracting scrutiny and questions, this time for its audacious plan to raise… Continue reading
The post Marijuana firm Bright Green’s immigrant fundraising plan draws scrutiny appeared first on GrowCola.com.