22nd Century Group Inc., which is struggling with a dire financial crunch entering 2024, said Thursday it has completed the sale of its hemp/cannabis business.
22nd Century, based in Buffalo, has its cigarette-manufacturing operations in a 62,000-square-foot plant in Mocksville where the bulk of its workforce is employed. That workforce approached 50 at its peak, but has since been reduced through cost-cutting initiatives.
The manufacturer cautioned in a Nov. 29 regulatory filing that unless it is able to secure additional funding by Jan. 31, “it will have to cease operations and liquidate its assets.” The manufacturer cautioned at that time it has no arranged sources of financing currently available to it.
The manufacturer said in a Nov. 27 regulatory filing it had entered into an agreement to sell its GVB Biopharma business for $2.25 million to a group identified as Specialty Acquisition Corp. of Nevada.
