Thread by @SumerianRsch

1/ $BGXX aims to be the premier federally-authorized provider of cannabis, cannabis-related products, and other legal medicinal plant-based therapies. It went public through a direct listing with 157mm shares issued and 200mm authorized. There is no lock-up for insider selling

2/ The company reported a net loss for the 9 months ended September 30 2021 of $1.57mm and $3mm with no revenue. They list two officers, the CEO, and CFO with no full-time employees. None of the board members seem to have any prior experience in the cannabis industry.

3/ Terry Rafih, the chairman spent his career running car dealerships in Canada: linkedin.com/in/terry-rafih…. He seems to have been onboarded after the company acquired Naseeb Inc. in November 2020 which he and Douglas Bates, the former CFO of $BGXX controlled opencorporates.com/companies/us_n…

4/ Bates resigned as CFO in March 2021. The new CFO, Elmasri Saleem was also CFO at Blockchain of Things Inc.(BCOT) which was charged by the SEC for an unregistered initial coin offering of digital tokens. BCOT returned $13mm in investors' funds and paid 250k in fines

5/ $BGXX is undergoing 2 lawsuits. Former CEO, John Fikany is suing for 5mm shares he believes he is owed. A former consultant, Jerry Fikany is suing for 108k shares. All 157mm issued shares are sellable without restriction. 69% of shares are owned by directors/executives.

6/ The founder Lynn Stockwell alongside John Stockwell, have been touting grand plans for many years. In a 2017 article: tinyurl.com/yt74pwjf, John Stockwell, the CEO of Bright Green at the time planned a $160mm 150-acre greenhouse development to take 2 years and employing 250

7/ Lynn Stockwell holds 70.6mm shares and does not show any experience prior to her founding of bright Green: linkedin.com/in/lynn-stockw…. A 2015 youtube video shows Mr. Stockwell making more grandiose claims: . The company is many years behind its competitors.

8/ The MC is $1.7bn with 0 revenue, Sep'21 assets $8.7mm, and a 9-month net loss of 1.57mm. Compare this to Tilray Brands' $TLRY with a $2.27bn MC and 12-month sales through May'21 of $513mm. Canopy Growth Corp $CGC has $2.2bn MC and March'21 TTM sales of $546mm.

9/ There is a $300mm budget for the development of greenhouses which $BGXX claims will be completed in 2024 and produce 300,000 mature plants per year. Given management's history of and ability to sell freely for personal gain, we think these projections are very optimistic.

10/ It's unclear to us exactly what the float is, given the direct listing nature and share structure. The stock has been extremely volatile since its listing so approach positions with extreme caution.