Bright Green Corporation (NASDAQ:BGXX) announced on Thursday that it has received final approval from the New Mexico Board of Pharmacy and the DEA to register, license and authorize Schedule I and Schedule II plant-based drugs and active pharmaceutical ingredients for research, production, and manufacturing purposes.

Schedule I substances include psilocybin, mescaline, peyote and ibogaine, while schedule II substances include opium, poppy straw, raw opium, opium extracts, powdered opium, granulated opium, tincture of opium, opium fluid extracts, opium straw concentrates, alongside pending: erythroxylon coca (cocaine).

The research will be conducted by the company's C2 team in Albuquerque, New Mexico, and the reshoring of production and manufacturing to the U.S. will take place at its Grants, New Mexico facility.

See also: DEA-Endorsed Cannabis Grower Makes History As First 'Plant-Touching' Firm On NASDAQ, Shares Soared

The latest update builds the company registering its federal license with the DEA for the cultivation, manufacture and sale of cannabis and cannabis-related products for research and pharmaceutical applications under federal and state law, previously.

Why It Matters

The company said, that the latest approval enables it to propel its 'Drugs Made in America' movement forward.

The effort is expected to help address the supply chain shortage for plant-based medicines.

What's Next

Groovy Singh, CEO of Bright Green, talked about what's next for the company.

"As we undergo an expansion of our infrastructure, we plan to leverage the capital to be raised from our exclusive EB-5 partnership with Asia Capital Pioneers Group, as well as funding from federal agencies," Singh explained. "The modular design of our facilities positions us to scale with demand and ensure that as production grows, so does our capacity to create jobs in direct correlation with EB-5 capital availability in a methodical phased approach."

Now read: DEA-Licensed Cannabis Producer Bright Green Closes $3.5M Private Placement

BGXX Price Action

Bright Green Corp.'s shares traded 4.5222% lower at $0.2238 per share at the time of writing on Friday.

The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.

Get your tickets now on bzcannabis.com – Prices will increase very soon!

Photo: Courtesy of Ousa Chea on Unsplash