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 has expanded its partnership with KeyGene to enhance research on valuable hemp/cannabis varieties and other plant franchises. This agreement aims to accelerate the development of new plant lines across three franchises, with a focus on commercializing intellectual property in two years. The collaboration supports gene modification and molecular breeding, aiming to create unique cannabinoid traits. Additionally, the partnership is expected to help secure four of the five key partnerships needed in the cannabinoid value chain, positioning XXII for substantial market opportunities.
22nd Century Group has praised the FDA's decision to initiate the rulemaking process to ban menthol in cigarettes, marking a significant step towards reducing addiction and youth smoking. The company anticipates further advancements in nicotine regulation, with the FDA expected to propose a nicotine cap soon. 22nd Century is close to obtaining Modified Risk Tobacco Product (MRTP) authorization for its reduced nicotine content cigarettes, vital for helping current smokers transition away from traditional menthol cigarettes. The company aims to address tobacco-related health disparities through its innovative products.
22nd Century Group, Inc. (NYSE American: XXII) supports Congresswoman Gwen Moore's call to the federal government for legislation to reduce nicotine levels in cigarettes to minimally or non-addictive levels. The company is ready to deliver its VLN® reduced nicotine content cigarette in alignment with FDA proposals. VLN® offers 95% less nicotine than traditional cigarettes. The company aims to address health disparities among minority communities, with high smoking rates especially among low-income African-Americans. 22nd Century believes it is close to obtaining a Modified Risk Tobacco Product designation from the FDA.
22nd Century Group (NYSE American: XXII) has provided over 31 million variable nicotine content research cigarettes for independent studies, supporting the FDA's proposed mandate to reduce nicotine levels in U.S. cigarettes. The company fulfilled a recent order of 3.6 million research cigarettes, demonstrating substantial public health benefits from reduced nicotine content (RNC) products, like their VLN® cigarettes, which contain 95% less nicotine. 22nd Century is poised to supply its VLN® cigarettes upon FDA authorization, aiming to enhance public health and reduce smoking addiction.
22nd Century Group, Inc. (NYSE American: XXII) will host a live audio webcast on May 6, 2021, at 10:00 AM ET to discuss its first quarter 2021 results, which will be released at 6:00 AM ET the same day. CEO James A. Mish and other executives will outline the company's performance and strategic priorities in the tobacco, hemp/cannabis, and a new plant-based franchise market worth over $1.3 trillion. The session will also include a Q&A segment for analysts and investors. Access to the webcast will be available on the company’s Investor Relations webpage.
22nd Century Group, Inc. (NYSE American: XXII) has expressed confidence in the approval of its Modified Risk Tobacco Product (MRTP) application for VLN® cigarettes, which contain 95% less nicotine. The company's letter to shareholders highlights a significant market opportunity, given the global tobacco market's worth of over $800 billion. With 60% of smokers likely to use VLN®, 22nd Century is poised to introduce this product within 90 days of FDA authorization. The firm also aims to innovate within hemp/cannabis, targeting a market projected to exceed $100 billion by 2024.
22nd Century Group (NYSE American: XXII) is poised to launch its VLN® reduced nicotine content cigarettes in collaboration with the FDA. This initiative aligns with the Biden Administration's focus on public health, potentially aiding 5 million smokers to quit and preventing new smokers. Their reduced nicotine cigarettes contain 95% less nicotine than traditional cigarettes, with studies backing their effectiveness. The company is ready to license this technology to other manufacturers, aiming to reduce cigarette addiction and save lives.
22nd Century Group, Inc. (XXII) supports New Zealand's proposal to reduce nicotine in cigarettes to minimal levels, aiming for a smoke-free nation by 2025. The company, known for its reduced nicotine content (RNC) cigarettes, is prepared to aid in this initiative, believing it aligns with public health goals. The firm expects significant global interest in nicotine reduction as New Zealand leads the way, with a focus on aiding smokers to quit. With FDA authorization of their PMTA for RNC cigarettes, 22nd Century is ready to supply the New Zealand market, enhancing its potential for growth in tobacco harm reduction.
22nd Century Group announced that its VP of Regulatory Science, John Pritchard, will join the FDLI Tobacco and Nicotine Products Committee. This committee focuses on tobacco product regulation and aims to advance public health policy by discussing the FDA's proposed nicotine cap for cigarettes. The FDA's plan seeks to lower nicotine to 0.5 mg per gram, deemed minimally addictive. 22nd Century is confident in the final stages of its Modified Risk Tobacco Product application for its VLN® cigarettes, which contain 95% less nicotine than traditional cigarettes, potentially aiding millions in quitting smoking.
22nd Century Group, a leader in plant-based biotechnology, announced its confidence in the FDA's reduced nicotine mandate, supported by four former FDA commissioners. Their VLN® King and VLN® Menthol King products contain 95% less nicotine than traditional cigarettes, making them compliant with the FDA's proposed nicotine cap. A Modified Risk Tobacco Product (MRTP) designation for VLN® is anticipated, potentially allowing the company to promote its low nicotine levels. The company believes this could significantly impact public health by helping over five million people quit smoking in the first year alone.
FAQ
What is the current stock price of 22nd Century Group (XXII)?
What is the market cap of 22nd Century Group (XXII)?
What is the primary focus of 22nd Century Group, Inc.?
What are the key products offered by 22nd Century Group?
What recent financial milestones has the company achieved?
What strategic initiatives is 22nd Century Group currently undertaking?
What is VLN® and how is it significant?
How does 22nd Century Group utilize its biotechnology capabilities?
What are the financial projections for 22nd Century Group?
How does 22nd Century Group's technology benefit the cannabis sector?
What is the significance of the recent contract manufacturing agreements?