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

XQS Rolls Out Two Beverage-Flavoured Nicotine Pouches in UK; Says Convenience Stores Are the Fastest-Growing Channel

Scandinavian Tobacco Group (STG) UK has added two beverage-inspired variants—Cola Lime and Fizzy Peach—to its XQS nicotine pouch range. Both come in an 8mg strength and are available exclusively via the Vape Supplier website, with a recommended retail price of £5.50.

Oct.29 by 2FIRSTS.ai

69% of Russians Support Full Ban on E-Cigarette Sales, SuperJob Survey Shows

According to Gazeta.Ru, a SuperJob poll found that 69% of Russians support President Vladimir Putin’s decision to fully ban vape sales in Russia. Only 7% oppose the ban, while 15% said they are indifferent and 9% were undecided.

Nov.10 by 2FIRSTS.ai

Singapore tightens vape enforcement, mandates rehab for etomidate users

Singapore’s Ministry of Health (MOH) and Health Sciences Authority (HSA) reported that from Sep 1 to Oct 12, 1,339 people were caught for vape-related offences, including 102 found in possession of etomidate-laced vapes.

Oct.17 by 2FIRSTS.ai

Kazakhstan Denies Rumors of Easing Hookah and Vape Restrictions: Deputy Interior Minister Reaffirms “Zero Tolerance” for Vapes

Kazakhstan’s Deputy Interior Minister Sanzhar Adilov (Санжар Адилов) addressed social media rumors that the government may ease restrictions on hookahs and vapes. He confirmed that hookah regulations are under interagency review, but the strict ban on vapes remains unchanged and has recently been reinforced with criminal liability.