New CEO named for Bright Green Corp.
Company runs a $300 million cannabis research facility in Grants
The company behind a massive cannabis research facility in Grants appointed a new CEO on Thursday.
Bright Green Corp. appointed Seamus McAuley, the former chief operating officer for the company, to the position. He replaces Terry Rafih as CEO. Rafih will keep his position as executive chair of the company’s board of directors, the company said.
Bright Green is the company behind the 115-acre, $300 million facility in Grants that is growing and manufacturing cannabis for use by researchers across the globe. The company is also awaiting Drug Enforcement Agency approval for its facility, following a memorandum of agreement signed with the federal agency for the sanctioned growing of cannabis in May 2021.
“With the development of our pharmaceutical assets, early engagement with the FDA and other global regulatory bodies, and the ability to supply both U.S. and global markets, I am excited about the potential of our portfolio and business, and look forward to sharing further updates in the weeks and months ahead,” McAuley said in a statement.
The company officially broke ground on its facility about a year and a half ago. Some areas of construction are expected to be completed this year and next.
That includes an initial 22-acre greenhouse that is expected to be constructed by the first quarter of 2023, as well as two fully-automated greenhouses that are expected to be fully constructed by next year.
But Bright Green is still awaiting federal approval for its facility, looking to meet requirements set out by the DEA after a site visit in September. In response to the visit, the company said in January it planned on completing a “dry run” audit on standard operating procedures and processing capabilities before final approval.
Bright Green commenced trading on the Nasdaq stock market in May 2022. It announced phased acquisition of Alterola Biotech Inc. last fall and a plan to raise $500 million under the EB-5 program, which it announced last week.
That program allows “investors, their spouses and unmarried children under 21 years of age” to apply for a green card if they make a capital investment of $880,000 to the company. Bright Green has already received applications through the program and will use the money for the “purchase of currently optioned land and to commence the phase 2 buildout of our facilities,” Rafih said.