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

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