Customer shipments continue uninterrupted, expects to resume production within weeks

Buffalo, New York–(Newsfile Corp. – December 8, 2022) – GVB Biopharma, a 22nd Century Group company (NASDAQ: XXII), today provided updates on its operational recovery progress and customer shipments following a fire that occurred at its distillate and isolate manufacturing facility located in Grass Valley, Oregon, on November 20, 2022.

The Company has opened a new logistics hub at an existing company facility in nearby Tygh Valley, OR and production space nearby in an existing lab facility that is established, permitted and expected to be online within weeks. All customer shipments continue delivery as planned.

“Our team moved immediately upon learning of the fire to implement existing contingency plans to ensure our employees were safe, coordinate with first responders and maintain uninterrupted customer shipments. These plans will also enable our team to replace our Central Oregon distillate and isolate capabilities within a matter of weeks,” said James A. Mish, chief executive officer of 22nd Century Group. “We have connected with all of our major customers to ensure orders are delivered on time and are maintaining our revenue expectations for the foreseeable future.”

The fire damaged the refinement facility at the Grass Valley location, requiring all hemp refining operations on site to be curtailed. Additional equipment and inventory stored in adjacent buildings was not damaged and will be relocated to nearby facilities as part of the Company’s business continuity plans. The Company has commenced the insurance claims process and expects that losses resulting from the fire will be covered by its property and business interruption policies.

Said Mish, “As an enterprise, we had extensive backup plans in place to ensure customers continue to receive product deliveries uninterrupted plus multiple options already identified to quickly resume production of our distillate and isolate products. We have incremental equipment readying to ship from our manufacturer plus undamaged equipment that was not presently installed at our Grass Valley site. We are diverting that finished equipment to a nearby facility and expect to install in a matter of weeks. While we are bringing that facility online, we are utilizing inventory and can source ingredients from other suppliers if necessary to meet all customer delivery needs. We are grateful that the industry has rallied with us to provide support, product and access as needed.”

About GVB Biopharma
GVB Biopharma, a 22nd Century company, is a global-scale specialty ingredient supplier and contract development & manufacturing organization (CDMO) with manufacturing locations in Nevada and Oregon. GVB is the largest merchant provider of cannabinoid extracts and isolates in North America with a focus on cannabidiol (CBD) and cannabigerol (CBG) extracted and refined at an industrial scale into distillates and isolates. GVB Biopharma’s facilities are NSF International audited and are cGMP Registered for dietary supplements manufacturing. GVB is widely regarded as a best-in-class operator with a leading position in the hemp-derived active ingredients market, with around 15% market share and growing. GVB is also a white-label contract manufacturer of tinctures, gel capsules, gummies, mints, tablets, topical, and vape offerings.

About 22nd Century Group, Inc.
22nd Century Group, Inc. (NASDAQ: XXII) is a leading agricultural biotechnology company focused on tobacco harm reduction, reduced nicotine tobacco and improving health and wellness through plant science. With dozens of patents allowing it to control nicotine biosynthesis in the tobacco plant, the Company has developed proprietary reduced nicotine content (RNC) tobacco plants and cigarettes, which have become the cornerstone of the FDA’s Comprehensive Plan to address the widespread death and disease caused by smoking. The Company received the first and only FDA MRTP authorization of a combustible cigarette in December 2021. In tobacco, hemp/cannabis, and hop plants, 22nd Century uses modern plant breeding technologies, including genetic engineering, gene-editing, and molecular breeding to deliver solutions for the life science and consumer products industries by creating new, proprietary plants with optimized alkaloid and flavonoid profiles as well as improved yields and valuable agronomic traits.

Learn more at xxiicentury.com, on Twitter, on LinkedIn, and on YouTube.

Learn more about VLN^® at tryvln.com.

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Cautionary Note Regarding Forward-Looking Statements
Except for historical information, all of the statements, expectations, and assumptions contained in this press release are forward-looking statements. Forward-looking statements typically contain terms such as “anticipate,” “believe,” “consider,” “continue,” “could,” “estimate,” “expect,” “explore,” “foresee,” “goal,” “guidance,” “intend,” “likely,” “may,” “plan,” “potential,” “predict,” “preliminary,” “probable,” “project,” “promising,” “seek,” “should,” “will,” “would,” and similar expressions. Actual results might differ materially from those explicit or implicit in forward-looking statements. Important factors that could cause actual results to differ materially are set forth in “Risk Factors” in the Company’s Annual Report on Form 10-K filed on March 1, 2022, and in the Company’s Quarterly Report filed on August 9, 2022. All information provided in this release is as of the date hereof, and the Company assumes no obligation to and does not intend to update these forward-looking statements, except as required by law.

Investor Relations & Media Contact
Darrow Associates Investor Relations
Matt Kreps
[email protected]
214-597-8200

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/147350

SOURCE 22nd Century Group

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.

VANCOUVER, BC, July 22, 2021 /CNW/ – Levitee Labs Inc. (CSE: LVT) (the “Company” or “Levitee”) is pleased to provide insight into the Company’s achievements to date, current operations, and strategic initiatives.

Levitee has ambitious plans to advance its business following its recent successful listing on the Canadian Securities Exchange. A review of the Company’s recent achievements and current business is as follows:

• On July 14^th, 2021, Levitee launched its premium mushroom supplement blends MONKE into the North American market on major eCommerce platforms, including Amazon

• The Company has completed construction of its Sporeo Supply facility, which manufactures and sells sterilized grain and substrate for mushroom cultivation, reducing the current supply backlog for mushroom growing feedstock

• A master distribution agreement has been signed with My Green Planet, a leading global agricultural supply group, giving Sporeo access to approximately 7,000 retailers across North America, Australia, and Europe. The master distribution agreement provides for a combined monthly minimum pre-order amount of 150,000 units of sterilized grain and substrate

• Levitee has executed letters of intent for the acquisition of a number of businesses, which include:

• Six addiction clinics;
• Three specialized pharmacies;
• A telemedicine platform;
• An omnichannel superfood and supplement brand;
• A functional mushroom-based tea company;
• And a late stage applicate for a Controlled Drugs and Substances Act (CDSA) licence from Health Canada.

The Company is progressing through due diligence and negotiation of definitive documentation with respect to each of these transactions

• Levitee has a well capitalized balance sheet with sufficient working capital to execute on future acquisitions, as well as ongoing business initiatives

These milestones are part of the first phase of the Company’s model to de-risk and support growth by internally developing and acquiring cash-flowing business that are complementary to the psychedelic industry. As regulations develop, the next phase of the Company’s strategy will involve the inclusion of alternative and psychedelic therapies into Levitee’s platform of traditional healthcare assets.

“By acquiring traditional healthcare assets and subsequently layering in alternative medicines and psychedelic therapies as regulations develop, Levitee will have direct and immediate access to a much broader patient population. We believe that this will serve as a strong platform from which to deploy impactful alternative and psychedelic based treatment options,” stated Pouya Farmand, Chief Executive Officer of Levitee.

About Levitee Labs

Levitee Labs is establishing itself as a leader in the integrative wellness space. Through leveraging an M&A regimen that focuses on the centralization of complementary integrative wellness assets, Levitee Labs aims to transform mental health and addiction treatments through the integration of psychedelic medicines and therapies.

The company’s current portfolio of assets includes Sporeo Supply and MONKE Nutraceuticals. Sporeo manufacturers the first commercial grade offering of spawn and substrate and has mass distribution agreements in place with leading global distributors. Sporeo is currently developing an ecommerce platform that will be a centralized portal for all mushroom cultivation needs. MONKE specializes in the development and distribution of premium functional mushroom supplements. This adaptogenic product line was formulated to enhance consumers’ wellbeing. Levitee Labs aims to catalyze access to compounds and alternative medicines that enhances the wellbeing of society. Further information about the Company is available on its website at www.leviteelabs.com.

Forward-Looking Statements

This news release contains certain statements that may constitute forward-looking information under applicable securities laws. All statements, other than those of historical fact, which address activities, events, outcomes, results, developments, performance, or achievements that Levitee anticipates or expects may or will occur in the future (in whole or in part) should be considered forward-looking information. Such information may involve, but is not limited to, statements respecting the Company’s planned acquisitions, the Company’s planned expansion into new lines of business involving alternative and psychedelic therapies, Levitee’s business plans and proposed products, Forward-looking information is based on currently available competitive, financial and economic data and operating plans, strategies or beliefs as of the date of this news release, but involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of Levitee to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. These risks and uncertainties include, but are not limited to, those identified and reported in the Company’s public filings under the Company’s SEDAR profile at www.sedar.com. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that any such statements will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise. Any and all forward-looking information contained in this press release is expressly qualified by this cautionary statement.

The CSE (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.

For further information about Levitee, please contact:  

Levitee Media Contact

[email protected]

Levitee Investor and Corporate Communications

[email protected]

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.