Bright Green Corp. made U.S. marijuana industry history Tuesday.
The Florida-based company, which says it has conditional approval from the U.S. Drug Enforcement Administration to grow marijuana for research purposes, became the first American plant-touching company to trade on a major exchange in the United States – in this case, the Nasdaq.
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The stock, traded under the ticker symbol BGXX, opened at $15.99, after the Nasdaq on Monday issued an $8 reference price for what is called a direct listing, according to Bloomberg.
Shares traded as high as $36.44 before closing at $25.25, reflecting a 216% increase over the reference price.
In a direct listing, existing shareholders sell their stock and the company itself doesn’t receive proceeds.
The Nasdaq consulted with Bright Green’s financial adviser, EF Hutton, before setting the $8 reference price.
Stockholders had offered to sell up to 158.2 million shares, according to filings with the
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