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

ceshi1111

Trusted by industry leaders and innovators, ARAC brings unmatched expertise in Modules 5 & 6, including label and claim development, comprehension testing, human factors/usability, and clinical-behavioral research such as actual use and switching studies. These studies generate the robust, real-world evidence needed to evaluate whether products are “Appropriate for the Protection of Public Health” (APPH) -- including randomized experimental longitudinal, actual use, cohort st

Oct.21

Smoore and EVE Energy Sign Procurement Framework Agreement Covering 2026–2028 Cell Supply

Smoore and EVE Energy have signed a procurement framework agreement for 2026–2028, under which Smoore Group will continue purchasing battery cells and related products. The agreement sets no specific transaction amount; actual figures will be determined by future orders, reflecting both parties’ intention to secure and extend their supply chain cooperation over the next three years.

Nov.21

China Tobacco Accelerates Global Cigar Expansion as CTIHK Becomes Unified Export Platform

After decades of dominance by Cuban and non-Cuban cigars, a new contender is emerging from the East. China Tobacco International (HK) has consolidated the country’s top four cigar brands under one global export platform — a move that could redefine how the world perceives “Chinese cigars.”

Nov.11

Mongolia Proposes Full Regulation of E-Cigarettes Under Tobacco Law

Mongolia’s Parliament has begun reviewing major amendments to the Tobacco Control Law, which would bring e-cigarettes and other new nicotine products under the same legal framework as traditional cigarettes. The bill also proposes a gradual increase in tobacco excise taxes through 2030 and new restrictions on flavors, marketing, and public smoking.