22nd Century Group Acquires GVB Biopharma to Expand in Hemp/Cannabis Ingredient Market.
MANews-(C)2009-2022
New York-based agricultural biotechnology company 22nd Century Group, Inc. (NASDAQ: XXII) has acquired Nevada-based hemp/cannabis company GVB Biopharma to expand assets to serve the hemp/cannabis ingredient market, the company said.
The aggregate consideration for the transaction consisted of the assumption of approximately USD 4.5m of debt, GVB's closing costs, and the issuance to GVB of 32,900,000 unregistered shares of common stock of the company.
As a contract development and manufacturing organisation, GVB is a large provider of hemp-derived active ingredients for the pharmaceutical and consumer goods industries
GVB's strengths complement 22nd Century's existing upstream and downstream value chains, which include expertise in cannabinoid receptor science with CannaMetrix, plant research and proprietary genetics through its KeyGene partnership, breeding expertise with Extractas, and cultivation capabilities at Needle Rock Farms.
GVB expects 2022 revenue of...
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