Bright Green Corporation, one of the very few companies selected by the U.S. government to grow, manufacture, and sell, legally under federal and state laws, cannabis and cannabis-related products for research, pharmaceutical applications, and affiliated export, has completed its previously announced strategic partnership and acquisition of 25% of the issued and outstanding common stock of Alterola Biotech, a U.K.-based pharmaceutical company focused on developing cannabinoid and cannabinoid-like medicines and products, for total consideration of $4 million.
Bright Green may exercise its option to purchase Alterola’s remaining issued and outstanding common stock over the coming months for a total enterprise value of $50 million, with the balance to be paid in a combination of cash and Bright Green common stock.
“Today’s announcement is the first stage of a long-term partnership with Alterola,” said Bright Green’s Chief Executive Officer and Executive Chairman of the Board, Terry Rafih. “This announcement – which follows the recent site visit by the U.S. Drug Enforcement Administration to our world-class agricultural complex in Grants, New Mexico – enables us to leverage Alterola’s extensive knowledge, sector experience, and pharmaceutical assets to help us more efficiently scale our operations and harness the therapeutic benefits of their cannabinoid and cannabinoid-like medicines.”
“We are excited about the partnership with Bright Green,” said Alterola’s Executive Chairman, Tim Rogers. “Our organizations share a common mission to harness the therapeutic potential of pharmaceutical-grade cannabis-based medicines. We look forward to helping Bright Green – particularly at this important period in the company’s trajectory – to accelerate the pharmaceutical development and commercialization of these important products. The Bright Green facility in New Mexico and the opportunity to advance pharmaceutical-grade cannabis and cannabis-related products for research complements and allows both companies to accelerate the development of their respective pipelines.”
For more information:
Bright Green 
www.brightgreen.us