Welcome to our dedicated page for 22nd Century Group news (Ticker: XXII), a resource for investors and traders seeking the latest updates and insights on 22nd Century Group stock.
22nd Century Group, Inc. (NASDAQ: XXII) is a pioneering agricultural biotechnology company based in the United States. The company specializes in reducing the harms associated with smoking through advanced plant science technologies. 22nd Century leverages proprietary technology to precisely control the levels of nicotine in tobacco plants, making them significantly lower or higher through genetic engineering and selective breeding.
22nd Century operates primarily in the tobacco sector, commercializing its proprietary very low nicotine content (VLNC) tobacco plants and cigarette products. These products include reduced nicotine tobacco cigarettes marketed under the brand VLN®, which have up to 97% less nicotine than traditional cigarettes. VLN® received the first and only FDA Modified Risk Tobacco Product (MRTP) authorization for a combustible cigarette in December 2021, underscoring its breakthrough in the industry.
The company also has a significant footprint in the cannabis sector, applying its technology to control cannabinoid levels in cannabis plants, aiming to optimize health and wellness benefits. The company's wholly-owned subsidiaries, Goodrich Tobacco Company and Hercules Pharmaceuticals, focus on premium tobacco products and smoking cessation aids, respectively.
Recent strategic moves include restructuring to streamline operations and improve financial performance. The company has reduced cash use from $15 million a quarter to under $4 million projected for the first quarter of 2024. Recent business highlights feature new contract manufacturing agreements and expanded product lines, such as the Pinnacle brand cigarettes and cigarillos. These efforts are expected to propel 22nd Century towards cash-positive operations by Q1 2025.
Financially, the company has taken steps to bolster its balance sheet, announcing multiple equity transactions to reduce long-term and short-term debt. As of December 31, 2023, the company held $2.1 million in cash, with subsequent capital infusions improving liquidity. Revenue is majorly derived from its tobacco segment, with research cigarettes sold under the SPECTRUM brand adding to commercial activities.
For investors, 22nd Century's commitment to innovation in plant biotechnology presents a compelling case for growth. The company continues to host quarterly earnings calls, with the latest results showing promising advances in both financial metrics and strategic goals. Learn more at xxiicentury.com
22nd Century Group, Inc. (Nasdaq: XXII) supports the FDA's menthol cigarette ban, anticipating that its VLN® Menthol King reduced nicotine cigarettes will be exempted. This product contains 95% less nicotine than conventional cigarettes, helping smokers transition away from addiction. The FDA recognizes VLN® as integral to its public health mission, marking it as the only reduced nicotine menthol cigarette available. The company is positioned to capture market opportunities in a $80 billion industry, with menthol cigarettes comprising nearly 40% of U.S. sales.
22nd Century Group (Nasdaq: XXII), an agricultural biotechnology firm, issued its annual letter to shareholders, highlighting its VLN® reduced nicotine cigarettes, which received FDA authorization as a Modified Risk Tobacco Product. The company launched a pilot in Chicago to refine marketing for its VLN® brand, targeting over 1.2 million smokers. Further, it plans international expansion into South Korea while advancing its hemp and hops sectors, securing significant revenue and market opportunities. The company's solid financials include a $40 million offering and successful uplisting to Nasdaq.
22nd Century Group, Inc. (Nasdaq: XXII), an agricultural biotechnology company, will host virtual meetings with investors at the A.G.P./Alliance Global Partners Spring Consumer Cannabis Conference on May 3, 2022. CEO James A. Mish and CFO Richard Fitzgerald will represent the company. Institutional investors can schedule meetings through their Alliance Global Partners contact or by reaching out to the investor relations team. 22nd Century focuses on tobacco harm reduction through reduced nicotine tobacco and holds patents for nicotine biosynthesis control. The company received FDA authorization for a reduced nicotine cigarette in December 2021.
22nd Century Group, Inc. (Nasdaq: XXII) will host a webcast on May 5, 2022, at 10:00 AM ET to discuss its first quarter 2022 results. A press release detailing these results will be issued at 6:00 AM ET on the same day. The webcast will feature CEO James A. Mish, COO Michael Zercher, and CFO Richard Fitzgerald, who will review financials and progress in the company’s three franchises. The interactive Q&A session will allow participants to ask questions. All materials will be accessible on the company's Investor Relations website.
22nd Century Group (Nasdaq: XXII) has launched its VLN® cigarettes, which contain 95% less nicotine than standard cigarettes, in over 150 Circle K stores in Chicagoland. This marks the first U.S. sales of VLN®, which is FDA-approved as a modified risk tobacco product, aimed at helping adult smokers reduce their nicotine consumption. Extensive research indicates that using VLN® can lead to significant reductions in cravings and daily cigarette intake. The pilot program aims to expand nationwide, leveraging the high smoking rate in Illinois, where 15.5% of adults smoke.
22nd Century Group has appointed Dr. Calvin Treat as Chief Scientific Officer, effective May 23, 2022, to enhance its expertise in plant-based biotechnology. Dr. Treat joins with extensive experience from Bayer, where he managed over $2 billion in R&D for crops. He aims to lead the company’s expanding scientific operations across its alkaloid plant franchises, focusing on tobacco, hemp/cannabis, and hops. Under his leadership, the company plans to leverage its patented technologies and global partnerships in the $1.3 trillion market for plant science.
22nd Century Group (Nasdaq: XXII) announced that its VLN® cigarettes will be listed in the Illinois Directory of Participating Manufacturers effective April 4, 2022. This registration allows distribution of the FDA-authorized reduced nicotine cigarettes as part of a pilot program in Chicagoland. VLN® cigarettes contain 95% less nicotine and are designed to help adult smokers reduce consumption. A pilot program is set to commence in a market with a smoking rate of 15.5%, above the national average.
Roth Capital Partners has initiated research coverage on 22nd Century Group (Nasdaq: XXII), a leader in agricultural biotechnology focused on tobacco harm reduction.
CEO James A. Mish and CFO Richard Fitzgerald will host meetings on March 14-15, 2022, at the Roth Capital Annual Conference in Laguna Niguel, California.
The company is known for its reduced nicotine tobacco products and received the first FDA MRTP authorization for a combustible cigarette in December 2021, aiming to improve health through modern plant science.
22nd Century Group (Nasdaq: XXII) announced FDA MRTP authorization for VLN® cigarettes, enabling a U.S. pilot market launch in Chicago with Circle K as the first retail partner. The company reported a 10.1% increase in full-year net sales, reaching $30.9 million. Despite rising operational costs and a net loss of $(32.6) million, the firm has commenced hemp/cannabis revenue and is expanding its international reach, beginning with South Korea. The company is positioned to disrupt the tobacco market with its reduced nicotine products.
22nd Century Group, Inc. (Nasdaq: XXII) announced the upcoming launch of its VLN® reduced nicotine content cigarettes in South Korea's $1.6 billion tobacco market, targeting the high smoking rate in the country. The first revenue from shipments is expected by the end of March 2022. The government of South Korea has been promoting smoking cessation, enhancing the market potential for VLN®. The company is also proceeding to launch in additional Asian and European markets while leveraging its MRTP authorization in the U.S. to establish a foothold in the $80 billion tobacco market.
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