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, Inc. (NYSE American: XXII) announced it received net proceeds of $8.1 million from warrants exercised in February and March 2021, enhancing its balance sheet. The company expects an additional $3.7 million if remaining warrants are exercised. CEO James A. Mish stated that the capital will support operations, strategy, and growth initiatives across tobacco and hemp/cannabis sectors. The funds will aid in acquiring Modified Risk Tobacco Products (MRTP) authorization and support research in hemp/cannabis.
22nd Century Group, Inc. (XXII) has secured an exclusive agreement with CannaMetrix, LLC to utilize their proprietary CannaMetrix EC50Array™ technology. This partnership aims to expedite the commercialization of innovative hemp/cannabis plant lines, reducing development time from over ten years to just two. The company has now established four out of five key partnerships needed for the cannabinoid value chain, focusing on plant profiling, biotechnology, cultivation, and extraction. This move aligns with its strategy to advance the hemp/cannabis industry significantly.
22nd Century Group (NYSE American: XXII) will host a live webcast on March 11, 2020, at 8:00 a.m. EST to discuss its fourth quarter and full-year 2020 results. The company will issue its results at 7:00 a.m. the same day. CEO James A. Mish and other executives will provide insights on 2020 performance, future milestones, and market opportunities in the $800 billion tobacco and hemp/cannabis sectors. An interactive Q&A will follow the presentation. Access to the webcast is available on the company’s investor relations page.
22nd Century Group is focused on tobacco harm reduction and hemp/cannabis research. The company reported a 343% stock increase to $3.82 as of February 23, 2021, highlighting its MRTP application for VLN® reduced nicotine cigarettes, which if approved, could position it as the only company with a MRTP designation for combustible cigarettes. The company is also advancing its cannabis strategy by developing new hemp varieties through molecular breeding technology, capitalizing on a projected $39.1 billion North American cannabis market by 2025.
22nd Century Group (NYSE American: XXII) announced a breakthrough in plant biotechnology allowing rapid identification of valuable traits in hemp/cannabis. Collaborating with KeyGene, the new platform accelerates development time and enhances breeding techniques, aiming for exponential revenue growth by licensing to partners. The platform can identify genetic markers with over 99.6% accuracy, targeting therapeutic cannabinoids like CBD. The company's strategy shift focuses on upstream segments of the cannabinoid value chain.
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.
22nd Century Group advocates for FDA regulation of nicotine levels in cigarettes to reduce addiction and save lives. CEO James A. Mish emphasizes that lowering nicotine can lead to over 8 million fewer deaths by century’s end. The proposal aligns with the FDA's prior plans to combat smoking-related diseases, which result in over 480,000 deaths annually in the U.S., costing $300 billion in healthcare. The company urges Congress to support this vital public health initiative.
22nd Century Group (XXII) announced a significant expansion of its growing program for VLN® reduced nicotine tobacco for the 2021 crop year. This increase aligns with favorable sales projections and supports the expected launch of VLN® cigarettes, which contain 95% less nicotine than conventional brands. The company is awaiting the FDA's authorization of its Modified Risk Tobacco Product application. The new planting will create income for American family farmers and aims to capture a share of the U.S. tobacco market, potentially leading to substantial revenue growth.
22nd Century Group (NYSE American: XXII) announces the granting of a new U.S. patent that enables precise control over cannabinoid and terpene production in hemp/cannabis plants. This patent allows the company to genetically modify plants to optimize therapeutic qualities, reducing development time from 10-20 years to just 4-5 years. The technology is expected to increase cannabinoid yields and create tailored plant profiles for various applications, enhancing the company's competitive edge in the growing $100 billion hemp/cannabis market.
22nd Century Group (XXII) has received an order from the FDA for 3.6 million variable nicotine research cigarettes aimed at supporting studies for a national standard of minimally or non-addictive nicotine levels. The company's VLN® cigarettes, containing 95% less nicotine, are under FDA review for Modified Risk Tobacco Product (MRTP) designation, which is expected to be granted soon. The FDA's plan could save millions of lives, and 22nd Century aims to capitalize on this opportunity, potentially increasing its market capitalization significantly.
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