22nd Century Group, which is aiming to cut costs, will sell its cannabis and hemp business to a Nevada-based buyer.
Buffalo-based 22nd Century Group has agreed to sell its GVB Biopharma to Specialty Acquisition Corp., in a deal valued at $2.25 million. The transaction is expected to be completed in early December.
GVB’s operations in Oregon were temporarily halted after a November 2022 fire that devastated the company’s facility there. 22nd Century continues to attempt to collect on a disputed $9 million claim it filed with its insurers.
“The sale of our hemp/cannabis franchise will immediately and materially further reduce the cash and operating demands within our business,” said John Miller, 22nd Century’s interim CEO.
John Miller, interim CEO of 22nd Century Group.
22nd Century Group, a plant biotechnology company, bought GVB Biopharma in May 2022.
People are also reading…
In September, 22nd Century Group said it was exploring selling its tobacco business. The company reported a $20.5 million loss in the second quarter.
Matt Glynn
Recent Comments