Bright Green supplies FDA-registered pharmaceutical company with DEA-approved cannabis extracts and psychedelics – Bright Green (NASDAQ:BGXX)

Bright Green Corporation BGXX has signed a letter of intent (LOI) to supply its DEA-approved cannabis extracts and herbal psychedelics to Benuvia Operations, an FDA registered, DEA licensed and cGMP certified leader in pharmaceutical cannabinoids and psychedelic compounds currently under investigation for clinical use.

In February, the Grants, New Mexico-based company received final approval from the New Mexico Board of Pharmacy and the DEA to register, license and approve Schedule I and II herbal substances and active pharmaceutical ingredients for research, production and manufacturing purposes.

Under the supply agreement proposed in the LOI, Benuvia plans to leverage Bright Green’s unique ability to produce Schedule I and II raw materials that are fully compliant with Good Agricultural and Collection Practices (GACP), Good Manufacturing Practices (GMP) and DEA regulations. These raw materials will be used to manufacture cGMP-grade active pharmaceutical ingredients domestically for the U.S. and global markets.

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Schedule I substances include cannabis, psilocybin, mescaline, peyote and ibogaine. Schedule II substances include various forms of opium, such as raw opium, poppy straw, opium extracts, opium powder, opium granules, opium tincture, opium liquid extracts and opium straw concentrates, and erythroxylon coca (cocaine).

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Bright Green sees this as another step toward becoming the leading domestic supplier of DEA-controlled, plant-based raw materials for the production of cannabinoid, psychedelic and opioid-based medicines in the U.S. With a new round of fundraising and supply agreements in the pipeline, the company says it is positioned for strong performance in 2025.

The Drug Enforcement Administration (DEA) just completed its annual operating procedures for the cultivation and manufacturing of all Schedule I and II drugs in July. Bright Green has met this national standard and is now one step closer to starting operations and supplying the pharmaceutical world with the materials it needs to innovate.

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Bright Green Corporation shares were trading 2.6% higher at $0.23 per share at the time of publication.

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