22nd Century Group Inc Sells GVB Biopharma for $2.25 Million

Business by 2FIRSTS.ai

Nov.29.2023

22nd Century Group Inc Sells GVB Biopharma for $2.25 Million

US cigarette manufacturer, 22nd Century Group Inc, has sold its cannabis subsidiary, GVB Biopharma, for $2.25 million, exiting the industry after less than 18 months.

According to a report by Journalnow on November 29, American cigarette manufacturer 22nd Century Group Inc has announced the sale of its cannabis subsidiary, GVB Biopharma, for a sum of $2.25 million. This move signifies the company's formal exit from the cannabis industry, which proved to be a significant financial burden in less than a year and a half.

According to regulatory documents released on Monday, the purchaser of GVB is Specialty Acquisition Corp, a professional acquisition company based in Nevada.

References:

[1] 22nd Century plans to exit cannabis business at steep loss

Also Read:

[1] 22nd Century Group Plans to Publicly Issue Stock and Warrants

We welcome news tips, article submissions, interview requests, or comments on this piece.

Please contact us at info@2firsts.com, or reach out to Alan Zhao, CEO of 2Firsts, on LinkedIn

Notice

1. This article is intended solely for professional research purposes related to industry, technology, and policy. Any references to brands or products are made purely for objective description and do not constitute any form of endorsement, recommendation, or promotion by 2Firsts.

2. The use of nicotine-containing products — including, but not limited to, cigarettes, e-cigarettes, nicotine pouchand heated tobacco products — carries significant health risks. Users are responsible for complying with all applicable laws and regulations in their respective jurisdictions.

3. This article is not intended to serve as the basis for any investment decisions or financial advice. 2Firsts assumes no direct or indirect liability for any inaccuracies or errors in the content.

4. Access to this article is strictly prohibited for individuals below the legal age in their jurisdiction.

Copyright

This article is either an original work created by 2Firsts or a reproduction from third-party sources with proper attribution. All copyrights and usage rights belong to 2Firsts or the original content provider. Unauthorized reproduction, distribution, or any other form of unauthorized use by any individual or organization is strictly prohibited. Violators will be held legally accountable.

For copyright-related inquiries, please contact: info@2firsts.com

AI Assistance Disclaimer

This article may have been enhanced using AI tools to improve translation and editorial efficiency. However, due to technical limitations, inaccuracies may occur. Readers are encouraged to refer to the cited sources for the most accurate information.

We welcome any corrections or feedback. Please contact us at: info@2firsts.com

Special Report | Belarus to centralize vaping market under state supervision

Belarus is preparing to overhaul its vaping market under tight state control — from monopolizing imports to banning online sales and restricting retail licenses. Officials say nearly 77% of the disposable e-cigarette market is supplied illegally, prompting sweeping regulatory measures that have already sparked strong pushback from consumers and vape retailers.

Dec.03

UK Government Announces Tougher Vape Controls with QR-Based Stamp System

The UK government will introduce a digital stamp system for all vape products, paired with new enforcement powers including £10,000 fines and possible imprisonment for illegal sales. The measures aim to curb the booming black market and complement restrictions under the Tobacco and Vapes Bill, including future regulation of flavours, packaging, and advertising.

Nov.24 by 2FIRSTS.ai

$200 Million Investment to Advance Smokeless Product Manufacturing at Reynolds

Reynolds American Inc. announced it will create 200 new manufacturing positions in 2026 at its Tobaccoville, North Carolina, Operations Center, bringing total new roles added over the past two years to more than 1,000. The company added 800 jobs between 2024 and 2025. These roles will support the continued growth of Velo Plus nicotine pouches and Reynolds’ expanding multi-category portfolio, aligned with its mission to build a smokeless world.

Dec.11 by 2FIRSTS.ai

2Firsts Insights | From Limited-Edition Frenzy to Interactive Lead-Gen: The 2025 Halloween Shift in Vape Marketing

For Halloween 2025, leading vape brands such as HQD and ELFBAR are running overseas social-media engagement campaigns—covering points programs and UGC giveaways with age/region restrictions. Unlike 2024’s wave of themed devices, no brand-new Halloween limited editions have appeared on major U.S. channels this year; only RAZ has restocked last year’s version.