Bright Green Corp. made history last month as the first plant-touching marijuana business to trade on a major U.S. stock exchange, and its market value soared as a result – to $9 billion at one point.
But the Florida-based company’s shares have since plunged on the Nasdaq, from nearly $60 to the low single digits.
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What happened – beyond the stock market’s current swoon?
Investors were clearly swept up by the idea of a federally legal marijuana business that appears on the verge of winning approval from the U.S. Drug Enforcement Administration to grow and process cannabis for medical research.
Also, Bright Green hopes to sell cannabis products on the commercial markets, provided the federal government legalizes marijuana.
However, what many investors appear to have missed were warnings in Bright Green’s regulatory and financial filings.
Those warnings underscore that the fledgling company still has significant hurdles to clear,
Read full article on Marijuana Business Daily
