In the 22nd century, the USA group announced the sale of its marijuana business to pay off debts

According to a report by NewsfileCorp12 on the 14th, the US biotechnology company 22ndCenturyGroup (22ndCenturyGroup), Inc., announced that it has obtained the consent of the original debt bank, To sell their GVBBiopharma marijuana to GVB employees/narcotics Nevada consortium (SpecialtyAcquisitionCorporation) of the business, the deal is expected to be the 22nd century group, dilute the original debt of $5.2 billion.

 

LarryFirestone, Chairman and Chief Executive Officer of 22nd Century Group, said, “We are pleased to be able to further reduce our debt in the process of obtaining the consent of our banks. This means that we have made a significant breakthrough in repaying all costs of our credit facilities by the third quarter of 2024.”

 

As previously announced, deposits from the fire at the Company’s GrassValley manufacturing plant are expected to be used to further reduce debt. Now, the company is claiming about $9 million, although the final amount received won’t be known until the matter is completed.

 

The deal is expected to officially close in December 2023, but the usual closing conditions still need to be met.

 

22ndCenturyGroup, Inc. It is an agricultural biotechnology company focused on cigarette harm reduction, low-smoke tar cigarettes, and health improvement through plant technologies.