The recent market performance of the US-based cannabis company, Bright Green Corporation (NASDAQ: BGXX) is extremely interesting. The investment appeal sees further improvement by the fact that the company almost entirely belongs to insiders, who appear pretty confident about the direction the company is moving along.
Bright Green's Strong Market Initiative
Bright Green Corporation (BGXX) is apparently stepping up its game and is all set to take its operations to new heights. Being one of the few American cannabis producers working alongside the US government to operate under both federal and state laws, Bright Green faces a strong market position in a lucrative space. Recently, the company began working under the EB-5 program for the US Citizenship and Immigration Services. Working under this framework is a cornerstone for the company's 2023 strategy toward accelerating business growth and the capture of market share.
Noteworthy Ownership Structure for BGXX
With the recent updates, BGXX stock price had seen a rocketing growth surge that took it from $0.51 to $1.87 in barely a couple of days. Given the unique ownership structure of the company, which is dominated by insiders, management personnel have been the prime beneficiaries of the news, as well as its core drivers. In fact, insiders own close to three-quarters of the stock of the company, whereas the other large investors are institutional players in the market. Such strong insider ownership of the company bodes well for its future, considering that they have plenty of 'skin in the game.' The price drive up, therefore, is a strong indication that managers are confident about the growth strategy for this year.
Conclusion
BGXX stock has seen eye-popping growth in recent days, following the company's start on its next big venture for the year, which it expects to drive tremendous growth. Given its unique ownership structure, insiders are the prime beneficiaries of these bright prospects.