22nd century group's senior lender approves sale of hemp/cannabis franchise on improved terms

Sale and related actions ultimately expected to reduce debt principal by $5.2 million buffalo, new york--(newsfile corp. - december 14, 2023) - 22nd century group, inc. (nasdaq: xxii) (the "company" or "22nd century"), a biotechnology company focused on utilizing advanced plant technologies to improve health and wellness, today announced it has secured the consent of its senior lender under the terms of its senior secured credit facility for the previously announced sale of its gvb biopharma ("gvb") hemp/cannabis operations to specialty acquisition corporation, a nevada corporation (the "buyer"), an entity affiliated with current gvb employees. the updated transaction terms include a cash payment of $1.1 million from the buyer at closing of the sale (the "closing") and a secured promissory note for $2.0 million issued by the buyer to the company's senior lender to be paid by the end of june 2024.
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