22nd Century Group Acquires Privately-Held Cannabis & Hemp Co., Here's What's Next

22nd Century Group, Inc. (NASDAQ: XXII) announced the acquisition of privately held GVB Biopharma.

GVB – a contract development and manufacturing organization – provides hemp-derived active ingredients for the pharmaceutical and consumer goods industries worldwide.

Deal Details

The aggregate consideration for the transaction consisted of the assumption of roughly $4.5 million of debt, GVB's closing costs, and the issuance to GVB of 32.9 million unregistered shares of common stock of the company.

Cowen served as an exclusive financial advisor to GVB. Grant Thornton provided an independent valuation for the 22nd Century.

Dorsey & Whitney LLP served as legal counsel …

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