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

Singapore’s Underground Vape Chain Revealed：How Dispatchers, Telegram Groups, and Small “Online Shops” Form an Operating Model

Dec.02 by 2FIRSTS.ai

Lao Shuts Down Nearly 300 Online Vape Stores in Joint Crackdown with WHO and Meta

In a coordinated effort with the World Health Organization (WHO) and Meta, the Lao Ministry of Health has taken 288 online e-cigarette stores with more than 759,599 members offline, reinforcing the country’s total ban on e-cigarettes under the National Tobacco Control Law.

Nov.20 by 2FIRSTS.ai

Baltimore Moves to Zone Smoke Shops, Set Minimum Distance From Schools

Baltimore’s City Council in Maryland, building on recently enacted restrictions on “small box” dollar-store chains, has proposed a package of regulations for tobacco and vape retailers. The measures would create a standalone land-use category for “smoke shops,” establish distance buffers from schools and parks, limit exterior signage brightness, and schedule an informational hearing.

Oct.29 by 2FIRSTS.ai

Bulgaria to Increase Tobacco and Nicotine Product Taxes in 2026, Expected to Generate Additional Revenue of 130 Million Euros

Bulgaria will raise excise taxes on cigarettes, cigars, heated tobacco, and e-cigarette liquids starting January 2026. The increase, approved under the 2026 state budget, will be implemented gradually over four years. The Ministry of Finance expects the reform to generate about €130 million in additional revenue by 2026.

Nov.07 by 2FIRSTS.ai