Bright Green Corporation (NASDAQ: BGXX) shares were flat Thursday, with the announcement of the agreement to purchase assets from C2 Wellness Corporation. (“C2”), a Wyoming registered company which owns certain platform technologies and associated intellectual property invented and developed by the scientific team of C2.
This morning’s news released states the purchase is for five million shares of common stock of the Grants, New Mexico-based Bright Green payable to all shareholders of C2. The implementation of the transaction has been approved by the board of both companies.
The primary assets relate to: Novel cannabinoid molecules and their associated intellectual property; Novel cannabinoid prodrugs, and their associated intellectual property; Novel proprietary cannabinoid formulations, designed to target lymphatic delivery, and their associated intellectual property; Novel proprietary nano-encapsulated cannabinoid formulations, in self-dissolving polymers, and their associated intellectual property; and Cannabinoids and cannabinoid pro-drug formulations for topical ocular delivery, and their associated intellectual property.
Along with the technology platforms and associated intellectual property come the scientific team of C2 and relationships with universities and a number of renowned academics worldwide.
“This acquisition and strategic partnership signifies a major advancement in plant-based drug development and solutions that not only enhance health and wellness, but also create significant value for the shareholders of both Bright Green and C2. This groundbreaking collaboration involves the acquisition of innovative CBD and THC-based molecules from C2 Wellness Corp by Bright Green Corporation,” said a company official.
BGXX shares let go of about half a cent, or 1.7%, to 23.11 cents.