Marijuana cultivator Bright Green Corp. plans to file for Chapter 11 bankruptcy reorganization after reaching an agreement with major shareholder Lynn Stockwell, who will become the company’s new CEO and chair.
According to a news release, the Florida-based company expects to emerge from bankruptcy protection with federal loan guarantees for its 60 new mega farm owners/operators who will collectively invest $3.5 billion to supply and strengthen the business’ supply chain.
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Bright Green’s proposed restructuring plan includes repaying creditors 20% in cash and 80% in newly issued common stock and implementing a 1-for-50 reverse stock split for existing shareholders, the release noted.
Bright Green made historic Nasdaq debut
The restructuring plan comes after shares of Bright Green – the first plant-touching cannabis business to
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