twenty second Century Group acquires CBD maker GVB Biopharma | Business Local

twenty second Century Group is making a push into CBD merchandise. 

The Buffalo-based plant know-how firm has acquired GVB Biopharma, an industrial hemp firm specializing in cannabinoid-based client merchandise in a deal value round $55 million.

GVB, which has three manufacturing amenities in Las Vegas and Oregon, expects to generate $48 million in revenues this yr.

“We are excited to combine with 22nd Century Group, pairing our production and manufacturing capabilities together with the best hemp/cannabis plant science in the world,” said Phillip Swindells, CEO of GVB.

Swindells said GVB sold more than five billion doses of CBD last year, “and we sit up for additional scaling our enterprise as part of twenty second Century’s complete platform.”

James Mish, twenty second Century Group’s CEO, described GVB as one of many largest CBD suppliers globally. The deal represents a possibility for twenty second Century Group to double its revenues, he stated.

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James Mish

James Mish, CEO of twenty second Century Group.

“GVB represents a transformational acquisition for 22nd Century that will enable us to rapidly grow our hemp/cannabis franchise,” Mish stated.

As a part of the deal, twenty second Century Group will assume about $4.5 million of debt, GVB’s closing prices and can concern to GVB 32.9 million unregistered shares of inventory in twenty second Century Group, value almost $50 million based mostly on Thursday’s closing value. GVB was privately held, whereas twenty second Century Group is publicly traded, on Nasdaq.

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