8:55 am 22nd Century GroupSubsidiary Goodrich Tobacco Co granted federal permit to manufacture tobacco products (XXII) : Co announced that its wholly owned subsidiary, Goodrich Tobacco Company, has been granted a federal permit to produce tobacco products by the Alcohol and Tobacco Tax and Trade Bureau of the U.S. Department of the Treasury ("TTB Permit).
As previously reported, 22nd Century Group entered into an Agreement to purchase all of the issued and outstanding membership interests of NASCO Products, LLC ("NASCO), a North Carolina limited liability co (the "NASCO Acquisition). NASCO has its own TTB permit to manufacture tobacco products and is a participating member of the tobacco Master Settlement Agreement ("MSA), an agreement among 46 U.S. states and the tobacco industry administered by the National Association of Attorneys General.
The NASCO Acquisition will close immediately upon the settling states of the MSA consenting to the transaction; such consent consisting of a modified Adherence Agreement for NASCO. At this date, the terms of NASCO's modified Adherence Agreement, as negotiated among NAAG, NASCO and 22nd Century Group, are very close to final.
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