22nd Century Group acquires a UK cannabinoid distributor for $650K

US-based 22nd Century Group has acquired privately held UK cannabinoid distributor RX Pharmatech (RXP) for an up-front payment of $650,000 in cash and stock and a three-year equity earn-out based on revenue milestones.

A 22nd Century spokesperson told CannIntelligence that this agreement between global-scale speciality ingredient supplier GVB Biopharma and the UK cannabis distributor aims to expand the company’s access to the European market, particularly with the novel foods applications RXP has secured.