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 (NASDAQ: XXII), a tobacco products company specializing in nicotine harm reduction and contract manufacturing, has announced its participation in the Emerging Growth Virtual Conference on August 21, 2024. The company will provide a brief corporate update during the event at 4:25 PM Eastern Time.
Investors and interested parties can access the live presentation through the events link available on the company's investor relations website at https://ir.xxiicentury.com/. This virtual conference appearance offers an opportunity for 22nd Century Group to showcase its latest developments and strategies in the tobacco industry, particularly in the areas of reduced-risk products and manufacturing services.
22nd Century Group (NASDAQ: XXII) reported Q2 2024 financial results, showing progress towards cash-positive operations by Q1 2025. Net revenues increased 22.8% to $7.9 million, with improved gross profit of $0.6 million. The company significantly reduced its operating loss by 53.8% to $2.0 million and net loss by 61.4% to $2.2 million. EPS improved to $(0.30) from $(1.72) in Q1 2024.
Key highlights include:
- Cigarette revenues up 8% year-over-year to $4.1 million
- Filtered cigar revenues decreased to $3.3 million
- New cigarillo distribution generated $0.6 million in revenue
- VLN® cigarette revenues were negligible, prompting rebranding efforts
The company emphasized its focus on debt reduction and balance sheet improvements to support business operations.
22nd Century Group, Inc. (NASDAQ: XXII), a tobacco products company specializing in nicotine harm reduction and contract manufacturing, has announced it will release its 2024 second quarter results on August 13, 2024. The company will host a webcast at 8:00 AM ET to discuss the results, which will be reported in a press release at 6:00 AM ET the same day.
During the webcast, Larry Firestone, chairman and CEO, and Dan Otto, CFO, will review financial results and discuss recent progress. The live and archived webcast will be accessible on the company's Investor Relations website. Participants are advised to access the website at least 15 minutes before the webcast to register and download any necessary software.
22nd Century Group (NASDAQ: XXII) has appointed Robert Manfredonia as Executive Vice President of Sales and Marketing, effective August 1, 2024. Manfredonia brings almost 30 years of experience in regulated consumer products sales and marketing, primarily in the adult beverage industry. CEO Larry Firestone expressed excitement about Manfredonia's deep knowledge and skillset in driving consumer brands, particularly in regulated products like tobacco.
Manfredonia's expertise includes expediting distribution, accelerating volume growth, and building brand enterprise value. He has experience in developing start-up brands, channel segment strategic planning, and retail execution. Previously, he served as Senior Vice President of Retail Corporate Accounts for Bonavita Beverage Group and Eastside Distilling. The company expects Manfredonia to contribute significantly to advancing 22nd Century's branded products, especially the rebranded VLN® cigarettes upon relaunch.
22nd Century Group (NASDAQ: XXII) has entered into a multi-year agreement with Greenbutts to manufacture innovative, biodegradable cigarette filters at their Mocksville, NC facility. Greenbutts' patented technology aims to replace plastic-based filters with water-soluble, plant-based alternatives, addressing the significant environmental issue of cigarette butt litter. With over 6 trillion cigarettes produced annually and 65% of butts littered, these new filters promise a non-toxic, eco-friendly solution. The partnership will support Greenbutts' FDA approval process, with plans for commercial production to follow, potentially integrating these filters into 22nd Century's VLN® reduced nicotine cigarettes and other conventional brands.
22nd Century Group (NASDAQ: XXII) announced an agreement with Nico-Tech Korea for a full-scale commercial rollout of its VLN® reduced nicotine content cigarettes in South Korea.
The decision follows a 2022 pilot test that led to product adjustments to match local preferences. CEO Larry Firestone highlighted South Korea's unique market with high smoking rates and governmental efforts to reduce smoking harms.
VLN® export shipments are expected to begin later this year, with a full launch event planned for Fall 2024. Nico-Tech will handle local marketing and meet minimum order quantities for distribution. South Korea's tobacco market is valued at an estimated $1.6 billion annually, with high smoking prevalence among adult men and a smaller percentage among adult women.
22nd Century Group (NASDAQ: XXII), a company specializing in nicotine harm reduction and contract manufacturing, has announced its participation in the Emerging Growth Virtual Conference scheduled for July 17, 2024. The presentation will take place at 11:25 AM Eastern Time and can be accessed through their events page online. Viewers may submit questions in advance to Questions@EmergingGrowth.com. This event highlights the company's ongoing efforts to engage with investors and showcase their initiatives in the tobacco industry.
22nd Century Group (NASDAQ: XXII) announced a $1.5 million reduction in its secured debt following a payment from GVB. This payment stems from a promissory note linked to GVB's acquisition of 22nd Century's hemp/cannabis assets in December 2023. Consequently, the remaining $500,000 debt has been extended to December 31, 2024. CEO Larry Firestone highlighted that this repayment contributes to a reduction in total outstanding debt and obligations to $8.3 million from $15.8 million at the end of 2023, significantly lowering both cash and non-cash interest expenses.
22nd Century Group (NASDAQ: XXII) announced that John Miller will resign as President of Tobacco, effective August 2, 2024. Miller was instrumental in launching the VLN® product, which reached over 5,000 stores across 26 states. He also expanded the company's contract manufacturing operations, notably the Pinnacle store brand for a major convenience store chain. CEO Larry Firestone expressed gratitude for Miller's contributions, stating that the company is well-positioned to continue its growth trajectory.
22nd Century Group (NASDAQ: XXII) reported its financial results for Q1 2024, showing major improvements compared to the previous periods. Net revenue from continuing operations reached $6.5 million, focusing on higher margin products. The company significantly reduced its cash used in operations to $2.3 million from $17.5 million year-over-year. Gross profit was reported at $(1.1) million due to one-time charges. Operating expenses fell to $3.3 million from $10.4 million in Q1 2023. Net loss decreased to $5.5 million, and adjusted EBITDA showed a loss of $3.5 million, both improved from the previous year. The company strengthened its balance sheet by increasing its cash position to $4.8 million and reducing debt by $8.0 million through equity exchanges.
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