XXII - 22nd Century Group Exits Cannabis Industry Closes Franchise Sale Deal | Benzinga
The 22nd Century Group, Inc. (NASDAQ:XXII) announced on Thursday it has closed its previously announced sale of its hemp/cannabis operations.
The Buffalo-based company said the transaction will significantly reduce the company’s operating costs going forward, a key step in its goal to achieve cash-positive operations.
The sale, combined with the assignment of a non-strategic hemp/cannabis asset in Colorado to the senior lender as a non-monetary transaction, will reduce the company's debt by $3.2 million, with an additional $2 million reduction to come from ...