Industrial hemp biotechnology company to raise $35 million through direct offering

22nd Century Group, an agricultural biotechnology company, announced that it has registered a direct offering of shares that is expected to raise a total of $35 million. 22nd Century said in a press release that it will sell more than 17 million shares to institutional investors at a price of $2.05 per share and issue warrants to purchase an additional 17 million shares at the same price over a five-year period. warrants. Buffalo, N.Y.-based 22nd Century acquired industrial hemp-derived cannabinoid company GVB Biopharma in May. 22nd Century's stock trades on the Nasdaq exchange as XXII.

Information source: mjbizdaily.com/