Welcome to our dedicated page for 22Nd Century news (Ticker: XXII), a resource for investors and traders seeking the latest updates and insights on 22Nd Century 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 (Nasdaq: XXII) supports the FDA's intent to ban menthol in combustible cigarettes, emphasizing the need for a non-addictive alternative. The company believes its VLN® Menthol King, with 95% less nicotine, could be exempt, aiding transitions for current menthol smokers. The FDA has authorized the VLN® product line and recognizes its role in reducing nicotine consumption. The tobacco market is significant, estimated at $80 billion.
22nd Century Group (Nasdaq: XXII) announced the production of the first cartons of VLN® King and VLN® Menthol King Cigarettes for retail sale, marking a significant milestone for the company. The VLN® cigarettes contain 95% less nicotine than leading brands and have received FDA MRTP designation. CEO James A. Mish emphasized the importance of this product in aiding adult smokers to reduce nicotine dependency. The company is also expanding its manufacturing capabilities to support a national launch after the pilot program.
22nd Century Group, Inc. (XXII) has appointed James A. Mish to its Board of Directors, enhancing the board's scientific and commercialization expertise. Mish, who has been CEO since June 2020, brings extensive experience in developing consumer products and navigating regulatory landscapes. His appointment precedes the launch of the company’s reduced nicotine tobacco and modified hemp products. This strategic move aims to strengthen the company's market position during a transformative period and contribute positively to its strategic initiatives.
On January 18, 2022, 22nd Century Group announced that the FDA authorized its VLN® King and VLN® Menthol King cigarettes as the first reduced nicotine content (RNC) cigarettes with a Modified Risk Tobacco Product designation, adding the claim "Helps You Smoke Less" on packaging. A pilot launch with a major retail partner is set for March 2022. This groundbreaking decision could shift the smoking landscape by providing smokers with a viable alternative aimed at reducing nicotine dependence, in a U.S. tobacco market worth around $80 billion.
22nd Century Group, Inc. (Nasdaq: XXII) announced participation in two fireside chat events on January 5, hosted by Alliance Global Partners and Cowen. Management will include CEO James A. Mish and CFO Richard Fitzgerald. The discussions will cover the FDA's recent authorization of the company's VLN® King and VLN® Menthol King reduced nicotine cigarettes as Modified Risk Tobacco Products. VLN® contains 95% less nicotine than conventional cigarettes, aiming to reduce nicotine exposure and dependence among smokers.
22nd Century Group (Nasdaq: XXII) announced that its VLN® King and VLN® Menthol King reduced nicotine content cigarettes received FDA marketing authorization as modified risk tobacco products (MRTPs). VLN® cigarettes contain 95% less nicotine than traditional cigarettes and are aimed at helping smokers reduce nicotine exposure and consumption. The FDA approved claims such as 'Helps you smoke less' and '95% less nicotine.' With 60% of adult smokers expressing interest in trying VLN®, the company plans to launch these products in the U.S. within 90 days and globally by Q1 2022.
22nd Century Group (Nasdaq: XXII), has received FDA MRTP designation for its VLN® cigarettes, the first combustible cigarette to obtain this status. The FDA authorized claims including “Helps you smoke less” and “95% less nicotine.” VLN® is set to launch in the U.S. within 90 days and internationally in Q1 2022. With 60% of adult smokers indicating a willingness to try VLN®, this could significantly transform tobacco use and public health.
Aurora Cannabis (ACB) and 22nd Century Group (XXII) announced a licensing agreement with Cronos Group (CRON) to advance cannabinoid biosynthesis research. This non-exclusive deal aims to enhance the production of rare cannabinoids such as CBG, CBC, and CBN efficiently and with high purity. According to CEO Miguel Martin, the collaboration is a significant step towards commercializing cannabinoid products, which could benefit health and wellness applications. Aurora and 22nd Century also plan to enforce their intellectual property rights against infringements.
The New Zealand Ministry of Health has announced a reduced nicotine mandate by 2025 as part of its Smokefree Aotearoa 2025 Action Plan. 22nd Century Group (Nasdaq: XXII) supports this initiative, preparing to supply reduced nicotine content (RNC) cigarettes that contain 95% less nicotine than conventional options. The company's VLN® cigarettes align with the government’s goal to reduce smoking prevalence, particularly among vulnerable communities. Additionally, 22nd Century aims to launch VLN® sales internationally in early 2022, enhancing its market position to cater to growing public health demands.
22nd Century Group, Inc. (Nasdaq: XXII) announced the appointment of Richard Fitzgerald as Chief Financial Officer effective November 15, 2021. He succeeds John Franzino, who transitions to Chief Administrative Officer, focusing on enhancing business processes. CEO James A. Mish emphasized the critical timing for leadership expansion amid the upcoming MRTP authorization and international launch of the VLN® product. Fitzgerald brings substantial experience in IP and technology licensing, aiming to leverage this for the company's growth across its plant franchises, including tobacco, hemp/cannabis, and hops.
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