22nd Century Group to Relocate Headquarters to Buffalo’s Thriving Larkinville District

Rhea-AI Summary

22nd Century Group, Inc. (NYSE American: XXII) announced its headquarters relocation to the Larkinville District in Buffalo, NY. The move, set for March 2021, aims to enhance organizational efficiency and talent retention. The company is also awaiting FDA authorization for its Modified Risk Tobacco application for VLN® cigarettes, which contain 95% less nicotine than regular cigarettes. The anticipated growth in hemp/cannabis markets and a new franchise will require the expanded headquarters, indicating a potentially pivotal year for the company.

Positive

• Relocation to Larkinville District aims to enhance efficiency and talent retention.
• FDA application for VLN® cigarettes could provide a competitive edge in tobacco market.
• Expected expansion into hemp/cannabis markets aligns with growth strategy.

Negative

• None.

New space is ideally equipped and located in the heart of Buffalo’s urban renewal

WILLIAMSVILLE, N.Y., Jan. 28, 2021 (GLOBE NEWSWIRE) -- 22nd Century Group, Inc. (NYSE American: XXII), a leading plant-based, biotechnology company that is focused on tobacco harm reduction, very low nicotine content tobacco, and hemp/cannabis research, announced today that the Company is moving its corporate headquarters to the up-and-coming Larkinville District in downtown Buffalo.

“We have experienced tremendous positive change in our organization over the past year and this relocation will help us improve on efficiency, collaboration, and our ability to attract and retain top talent,” said James A. Mish, chief executive officer of 22nd Century Group. “We have deep roots in Buffalo, and we are very excited to be moving to the up-and-coming Larkinville District, Buffalo’s oldest manufacturing district, to join other organizations that are revitalizing the city’s tech and business community.”

22nd Century Group’s new Buffalo office space is in a state-of-the-art, restored manufacturing facility located at 500 Seneca Street, joining other multinational technology and professional services companies. The new headquarters will accommodate all of the Company’s staff from its current office location in nearby Williamsville and has significant room for expansion.

The Company believes that authorization of its MRTP application by the U.S. Food and Drug Administration (FDA), along with its expected growth in the hemp/cannabis space and a soon-to-be-announced third franchise, will require an expansion of resources and space. 22nd Century Group will move to its new headquarters in March 2021.

About 22nd Century Group’s Modified Risk Tobacco Application with FDA for VLN^® Reduced Nicotine Content Cigarettes

2021 is expected to be a pivotal year for 22nd Century Group. The Company’s Modified Risk Tobacco (MRTP) application for its reduced nicotine content VLN^® cigarettes is in review with the FDA. Featuring 95 percent less nicotine than typical cigarettes, VLN^® will serve as a vanguard for the FDA’s ground-breaking Comprehensive Plan for Tobacco and Nicotine Regulation. Published in 2017, the plan aims to set a product standard for cigarettes that achieves “minimally or non-addictive” levels of nicotine. Public health researchers project that within the first year of implementation of the proposed mandate, more than five million adult smokers will quit smoking and more than eight million American lives will be saved by the end of the century.

Numerous independent scientific studies funded in large part by the FDA, the National Institutes of Health (NIH) and other U.S. federal government agencies using the Company’s reduced nicotine content tobacco cigarettes studies show conclusively that smokers who use 22nd Century’s reduced nicotine content tobacco cigarettes (i) reduce their nicotine exposure and dependence, (ii) smoke fewer cigarettes per day, (iii) experience reduced withdrawal symptoms, (iv) increase their number of smoke-free days, and (v) double their quit attempts – all with minimal or no evidence of nicotine withdrawal or compensatory smoking.

Within 90 days of receiving authorization from the FDA, the Company will launch VLN^® King and VLN^® Menthol King cigarettes in the U.S. The rollout will be paired with a compelling marketing campaign to introduce adult smokers to the world’s lowest nicotine content cigarette. Having the only combustible cigarette with a modified exposure claim authorized by the FDA could serve as a catalyst for 22nd Century’s commercial sales as capturing even a small fraction of U.S. tobacco sales could result in exponential growth in the Company’s revenues and market capitalization. 22nd Century Group also intends to make its technology available to every cigarette manufacturer, so that they can comply with the proposed FDA nicotine cap and help reduce the harm caused by smoking.

About 22nd Century Group, Inc.
22nd Century Group, Inc. (NYSE American: XXII) is a leading plant biotechnology company focused on technologies that alter the level of nicotine in tobacco plants and the level of cannabinoids in hemp/cannabis plants through genetic engineering, gene-editing, and modern plant breeding. 22nd Century’s primary mission in tobacco is to reduce the harm caused by smoking through the Company’s proprietary reduced nicotine content tobacco cigarettes – containing 95% less nicotine than conventional cigarettes. The Company’s primary mission in hemp/cannabis is to develop and commercialize proprietary hemp/cannabis plants with valuable cannabinoid profiles and desirable agronomic traits.

Learn more at xxiicentury.com, on Twitter @_xxiicentury and on LinkedIn.

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 11, 2020 and in its subsequently filed Quarterly Report on Form 10-Q. 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:
Mei Kuo
Director, Communications & Investor Relations
22nd Century Group, Inc.
(716) 300-1221
mkuo@xxiicentury.com

FAQ

What is the significance of 22nd Century Group's headquarters move to Buffalo?

The move is intended to improve operational efficiency and attract top talent, facilitating growth.

How does the FDA's evaluation of 22nd Century Group's MRTP application affect its future?

FDA approval of the MRTP application for VLN® cigarettes could lead to significant market opportunities and revenue growth.

What are VLN® cigarettes and their importance for 22nd Century Group?

VLN® cigarettes have 95% less nicotine than regular cigarettes and are part of the company's harm reduction strategy.

When will 22nd Century Group relocate its headquarters?

The company plans to move its headquarters to the new location in March 2021.

What advantages does the new headquarters location provide for 22nd Century Group?

The new space supports all staff from the Williamsville location and offers significant room for future expansion.