22nd Century Group Acquires RX Pharmatech, Files U.S. Drug Master File For CBD API, Teams Up With Transo-Pharm

22nd Century Group, Inc. XXII announced the acquisition of privately held RX Pharmatech Ltd, a United Kingdom distributor of cannabinoids with 1,276 novel food applications with the U.K. Food Standards Agency (FSA). Terms of the agreement include an up-front payment of $650,000 in cash and stock and a three-year equity earn-out based on revenue milestones.

“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,” stated James A. Mish, chief executive officer of 22nd Century Group. “RXP has exclusively utilized GVB’s technical data and worked closely with the FSA on developing their highly effective application and compliance programs that secured 1,276 novel food applications, the second most CBD products to pass through the first round of approval. We look forward to leveraging their leadership team’s vast cannabis industry experience and strong relationships with U.K. and EU regulatory agencies as we move forward.”

RXP’s products include CBD isolate and numerous variations of finished products like gummies, oils, drops, candies, tinctures, sprays, capsules and others. The U.K. is not accepting new novel food applications for cannabinoid products at this time and denied tens of thousands of product applications earlier in 2022 during the FSA’s first round of screening.

Filing of U.S. DMF And Deal With Transo-Pharm

GVB Biopharma, a 22nd Century Group Company, filed a U.S. Drug Master File to the US Food & Drug Administration for CBD API.

22nd Century and GVB Biopharma have entered into an agreement with Cannabinoid API Solutions and Transo-Pharm for global sales, marketing and distribution of GVB’s Cannabinoid APIs. Transo-Pharm is partnered with an extensive range of multinational pharmaceutical companies, all of which will have immediate access to GVB’s cannabinoid APIs.

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Photo: Benzinga edit with photos by geralt and lindsayfox on Pixabay