Nasdaq-traded marijuana company Bright Green Corp. is again attracting scrutiny and questions, this time for its audacious plan to raise $500 million through a federal investment program that targets immigrant investors.
The company announced in a February news release it would use the money generated through the EB-5 Immigrant Investor Program to build out its “world-class production and drug manufacturing facilities” in the small New Mexico town of Grants.
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Florida-based Bright Green also plans to use the money to bankroll research and development as well as federal clinical trials for drug development.
Bright Green’s CEO calls the strategy “quite a novel way” to raise money at a time when cannabis industry funding is tight.
However, experts familiar with the EB-5 Immigrant Investor Program are raising questions about the company’s use of the investment vehicle.
The program allows international investors to qualify for a U.S. green card,
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