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) has announced a new customer agreement to supply its Moonlight branded cigarettes to the Southeast Asia marketplace. The first shipment is expected in Q4 2024, with potential for significant volume expansion as the customer launches in key markets throughout 2025. This new contract could increase manufacturing volumes by more than 30% over the next 15 months when fully scaled.
CEO Larry Firestone highlighted this as an opportunity to deploy underutilized in-house brand assets and drive growth in a region with a widespread smoking culture. The company is also discussing similar opportunities with other customers interested in their brands and predicates, as well as reduced nicotine content products under their own branding.
22nd Century owns several brands including Pinnacle, Moonlight, Magic, and Ranger, in addition to its VLN® 95% reduced nicotine content cigarettes. The company recently launched VLN® products in South Korea and plans to expand its U.S. strategy with flanker brands for additional reduced nicotine content products.
22nd Century Group (NASDAQ: XXII) has announced plans to expand distribution of its VLN® 95% reduced nicotine content smoking products. The company aims to reach over 270,000 retail outlets in the US and grow internationally. Based on recent consumer data, 22nd Century is expanding its sales and marketing operations. The company's low nicotine tobacco stock can supply up to $85 million worth of VLN® revenue and positive cash flow.
Key initiatives include:
- Expanding US distribution from 5,100 stores across 26 states to nationwide coverage
- Increasing international sales through partnerships
- Launching flanker brands based on proprietary 95% less nicotine tobacco
- Utilizing existing inventory to manufacture up to 1.4 million cartons of VLN® and flanker brand cigarettes
22nd Century Group (NASDAQ: XXII) has announced an agreement to fund over $1.2 million in intellectual property, licensing, and sponsored research payments to North Carolina State University through 2025. This equity transaction covers all expenses related to patent maintenance, royalty, license, and sponsored research from Q4 2023 through 2025. The payments will be made in three tranches, with the company having the option to pay in equity or cash. Additionally, 22nd Century has extended its field trial activity to 2025. This agreement follows the company's November 2023 deal with NCSU, which brought in additional IP to enhance their reduced nicotine content tobacco capabilities.
22nd Century Group, Inc. (Nasdaq: XXII), a tobacco products company focused on nicotine harm reduction, has announced its participation in the HC Wainwright Conference on September 10, 2024 at the Lotte New York Palace Hotel. The company, known for its VLN® brand with 95% less nicotine, invites investors to register and request meetings with management through their HC Wainwright representatives.
22nd Century Group will also make an updated investor presentation available online at their investor relations website. This conference participation highlights the company's commitment to engaging with investors and showcasing their innovative approach to tobacco harm reduction.
22nd Century Group (NASDAQ: XXII) has raised $1.68 million through a Regulation A offering and private placement of common warrants. The company has also amended its Senior Secured Credit Facility with JGB Partners, suspending certain provisions and limiting monthly redemption rights. These financial moves aim to support the company's focus on scaling its contract manufacturing business and expanding its FDA-authorized VLN® reduced nicotine content product line. The Regulation A offering was priced at $0.57, and the amendments to the debenture agreements will be in effect through December 31, 2024, for the suspension of equity issuance payments, and through July 2025 for the monthly redemption rights.
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.
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