debt
confidence high
sentiment positive
materiality 0.55
22nd Century reduces secured debt by $1.5M via GVB payment; total now $8.3M
22nd Century Group, Inc.
- GVB Biopharma paid $1.5M directly to lender JGB, cutting total secured principal to $8.3M.
- Remaining $500,000 due under the GVB note extended to December 31, 2024.
- CEO Larry Firestone noted debt reduced from $15.8M (Dec 2023) to $8.3M, lowering interest expense.
- The promissory note is secured by assets GVB acquired in its Dec 2023 purchase of 22nd Century's hemp/cannabis assets.