Roman Barkov
Cannabis producer Bright Green (NASDAQ:BGXX) stock slid 22% on Thursday after rocketing as much as 260% on Wednesday following news that it plans to raise $500M through the US government's EB-5 investment program.
Shares of BGXX opened at $1.22, slipping to a low of $1.01 in late morning. The stock recently changed hands at $1.12 at approximately 1:50 p.m. ET.
BGXX shares soared on Wednesday to hit a high of $1.88 before closing at $1.42, up 173% from Tuesday's close.
On Wednesday, Bright Green said it intends to raise $500M through the US Citizenship and Immigration Services' EB-5 program, which allows investors to secure green cards for themselves and close family members if they make a substantial investment in a US company. Bright Green plans to issue the stock at $39.99 per share.
Bright Green went public on May 17 through a direct listing on Nasdaq with a reference price of $8 per share. The stock soared over 350% during its debut session, reaching a 52-week high of $58 on May 18, but plunged on May 19. It hit a 52-week low of $0.35 on Dec. 22.
Other cannabis stocks include Aurora (ACB), Tilray (TLRY), Canopy Growth (CGC), Cronos (CRON), Curaleaf (OTCPK:CURLF), Hexo (HEXO), Leafly (LFLY) and SNDL (SNDL).
For more on cannabis stocks, check out SA's "What Cannabis Stocks Should be in Your Portfolio?" podcast.