Bright Green Receives Patent with C2 Wellness Scientists

Bright Green Corporation (NASDAQ: BGXX) today announced that it has entered into an agreement to acquire assets from C2 Wellness Corporation, a Wyoming-based cannabis technology company.

The transaction is an asset-for-stock transaction in which Bright Green will issue 5 million shares of common stock to C2 Wellness shareholders.

The assets include a range of novel cannabinoid molecules, prodrugs, proprietary formulations and associated intellectual property rights. The assets also include patents on new delivery methods and nanoencapsulation technologies.

As part of the acquisition, C2 Wellness’ scientific team and its academic research collaborations will be integrated into Bright Green. Management said this is expected to accelerate the company’s research and development progress in plant-based drug development. The transaction has been approved by the boards of directors of both companies.

“This groundbreaking collaboration includes the acquisition of innovative CBD- and THC-based molecules from C2 Wellness Corp.,” said Brightgreen founder Lynn Stockwell.

Dr. Emmanuel Dumont, chief advisor at C2 Wellness and a professor at Georgetown University, said the partnership is focused on creating better versions of CBD and THC, the main components of cannabis.

“The Company is focused on developing products with improved safety and efficacy over current CBD and THC-based medicines such as Epidiolex and Sativex, and has an addressable market size of $756 million. We aim for excellent patient outcomes near you,” Dumont said in a statement.

The agreement also supports the Drugs Made in America initiative. The new cannabis material will be manufactured at Brightgreen’s facility in Grants, New Mexico, and research will be conducted in Albuquerque. The company plans to utilize cutting-edge technologies such as artificial intelligence in its research.

Bright Green CEO Groovy Singh said the acquisition is in line with the company’s 2024 goals.

“Our collaboration with C2 and its scientific team strongly demonstrates our commitment to scientific research and innovation, while strengthening our management team,” said Mr. Singh.