22nd Century Group Inc. said Tuedsay it has bought privately held RX Pharmatech Ltd., a United Kingdom distributor of cannabinoids with 1,276 novel food applications with the U.K. Food Standards Agency.
Terms include an up-front payment of $650,000 in cash and stock and a three-year equity earn-out based on revenue milestones. RXP will be placed into 22nd Century’s GVB Biopharma subsidiary.
“The acquisition of RXP establishes GVB as the leader in the U.K. Consumer Products isolate market, which is expected to reach an estimated $1.26 billion by 2025 and secures direct access to key European markets for CBD products,” James Mish, 22nd Century’s chief executive, said in a statement.
On Monday, 22nd Century submitted a U.S. Drug Master File to the Food and Drug Administration for cannabidiol API (active pharmaceutical ingredients) for GVB. 22nd Century said the goal is supplying high quality pharmaceutical grade API to the pharmaceutical industry and over-the-counter markets.
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22nd Century and GVB also have entered into an agreement with Cannabinoid API Solutions and Transo-Pharm for global sales, marketing and distribution of GVB’s Cannabinoid APIs.
The manufacturer, based in Buffalo, has its cigarette-manufacturing operations in a 62,000-square-foot plant in Mocksville where it has at least 49 of its 65 employees.
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