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

JTI Plans New Factory in Romania, Set for Completion in 2027

JTI has announced plans to build a new factory in Ștefăneștii de Jos to replace its current Bucharest site, which faces space constraints. The project is expected to be completed in 2027, with ground works starting soon. The company highlighted ongoing efforts to expand capacity and modernize its Romanian operations.

Nov.28

Juul’s San Francisco Headquarters May Be Sold as Debt Talks Advance

Real estate firm Affinius Capital is in talks to sell the loan tied to Juul’s San Francisco headquarters, with Madison Capital emerging as a potential buyer. If completed, the deal could lead to a change in ownership six years after Juul first acquired the building, signaling continued asset adjustments amid regulatory pressure.

Oct.23

Imperial Brands launches ZONE nicotine pouches in the UK, covering the core 9–12 mg strength segment

Imperial Brands has launched its ZONE nicotine pouches in the UK, targeting the mainstream 9–12 mg nicotine strength segment. The brand debuts with five flavours at a recommended retail price of £6.50 per can. Mint variants currently account for around 70% of UK nicotine pouch sales, while fruit flavours are growing rapidly. ZONE will be distributed primarily through independent retail channels.

Nov.18 by 2FIRSTS.ai

Vietnam to Ban Investment and Trade in E-cigarettes and Heated Tobacco, with Exceptions for Export and Research

Vietnam’s finance vice minister proposes banning investment and business in e-cigarettes and heated tobacco under a 2024 resolution, with possible exceptions for export-only products and research/medical/defense uses.