22nd Century integrates CBD company to grow its hemp/cannabis franchise faster

US firm 22nd Century has begun integration with GVB Biopharma, one of the largest CBD suppliers globally, as part of a plan to grow its hemp/cannabis franchise rapidly.

It exchanged stock worth around $65m for control of the Las Vegas–based CBD company in April. The company added that the aggregate consideration for the transaction consisted of the assumption of approximately $4.5m of debt, GVB’s closing costs, and the issuance to GVB of 32.9m unregistered shares of 22nd Century common stock.

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