GVB Biopharma, a subsidiary of 22nd Century Group, has opened a distribution facility in the Netherlands to support its growing business in Europe, the Middle East, and Africa. The new facility will increase access to GVB's cannabis/marijuana products for customers, expedite transactions, and optimize cross-border tax and customs treatment.
The company stated that the recent increase in GVB's manufacturing capabilities in the United States coincides with the emergence of the company's distribution facilities in the Netherlands. Some of the additional production capacity has been designated to meet the growing demand in the European market, where profit margins are higher than in the United States.
James A. Mish, CEO of 22nd Century Group, said in a statement, "We are pleased to expand our business operations in Europe, allowing our customers and partners to access high-quality products more efficiently.
Our new distribution facility in Holland allows us to shorten delivery times to our partners by half and serve our rapidly growing customer base with high-quality extracts and isolates. The cannabis industry in Europe is expanding rapidly and is expected to reach €3.2 billion [$3.33 billion] by 2025. Our new facility will enable us to capture more market share, expand our business, and reach a larger customer base in the region.
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