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UNITED STATES

22nd Century Group enters CBD market

04 Dec 2019. 22nd Century Group enters CBD market with an investment in Panacea Life Sciences, Inc., the company said in a press release.

22nd Century Group, Inc. (NYSE American: XXII), a plant biotechnology company that is a leader in tobacco harm reduction, Very Low Nicotine Content (VLNC) tobacco and hemp/cannabis plant research, announced the initial closing of an investment in Panacea Life Sciences, Inc. (Panacea), a rapidly-growing, vertically-integrated, consumer-facing company operating exclusively in the legal, hemp-derived, CBD product space. The investment provides a platform to commercialise 22nd Century’s unique hemp/cannabis plant lines in development and leverage strengths in consumer-packaged-goods and FDA-regulatory affairs, the press release said.

22nd Century’s investments in Panacea over the next twelve to eighteen months are expected to total USD 24 million, in a combination of cash and 22nd Century stock in exchange for Panacea-issued debt and preferred equity.

“This investment is a major milestone in 22nd Century’s on-going execution of our hemp/cannabis strategic growth plan and offers the opportunity for strong projected shareholder returns,” Cliff Fleet, President and Chief Executive Officer of 22nd Century Group, said.