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News analysis

$0 to $7.8m in three months – tobacco firm cashes in on cannabis and hemp

Written by || 9th November 2022 || News analysis | Cannabinoids | GeographiesNorth America United States

US tobacco company 22nd Century Group has enjoyed its first full quarter benefitting from revenue generated by its new hemp/cannabis business arm. The company acquired GVB Biopharma in May, expanding its existing hemp/cannabis research and development activities to include a revenue-producing business.

22nd Century Group said GVB was “the largest merchant market provider of cannabinoid extracts and isolates in North America”. It added, during a presentation of its Q3 2022 results, that it was focusing on CBG as well as CBD extracts and held about 15% market share in the hemp-derived active ingredients market.

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Antonia Di Lorenzo

Assistant news editor/senior reporter
Antonia is a member of the editorial team and holds a masters degree in Law from the University of Naples Federico II, Italy. She moved in 2013 to London, where she completed a postgraduate course at the London School of Journalism. In the UK, she worked as a news reporter for a financial newswire and a magazine before moving to Barcelona in 2019.

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