22nd Century Enters Agreement To Sell Substantially All Of Its GVB Biopharma Hemp/Cannabis Operations
Portfolio Pulse from Benzinga Newsdesk
22nd Century Group, Inc. (XXII) has entered into an agreement to sell the majority of its GVB Biopharma Hemp/Cannabis operations. The deal includes a $1 million cash payment at closing and a 12% secured promissory note for $1.25 million, payable in six monthly installments starting from the fourth month post-closing. The company intends to use the sale proceeds to reduce its debt.
November 27, 2023 | 9:46 pm
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22nd Century Group, Inc. is selling a significant portion of its hemp/cannabis business, which will provide immediate cash and future payments to help reduce its debt.
The sale of assets is likely to be viewed positively by investors as it provides immediate cash inflow and a plan for future payments, which can be used to reduce the company's debt. This could improve the company's financial stability and potentially lead to a positive short-term impact on the stock price.
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