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 will have its CEO, James A. Mish, participate in a panel at the Cowen 2020 Boston Cannabis Conference on December 2, 2020, focusing on innovations in tobacco and cannabis industries. The panel, moderated by Vivien Azer, will discuss the impact of the election, COVID-19, and current industry trends. One-on-one meetings with investors will occur from November 30 to December 2, 2020. The company aims to reduce smoking harm through reduced nicotine content tobacco products and advance hemp/cannabis research.
22nd Century Group (NYSE American: XXII) announced its participation in the Virtual Fall Investor Summit from November 16-18, 2020. The company will present on November 17 at 4:30 p.m. ET. Investors can access the live webcast and presentation through the Investors section of its website. The archived replay will be available after the event. 22nd Century focuses on tobacco harm reduction and hemp/cannabis research.
22nd Century Group (XXII) is committed to reducing smoking harm by securing Modified Risk Tobacco Product (MRTP) authorization from the FDA for its VLN® cigarette, which contains 95% less nicotine than major brands. The company plans to launch VLN® within 90 days of receiving authorization, supported by new patents improving genetic control over nicotine levels. Net sales rose 13.1% year-over-year to $7.3 million, with operating loss improving by $3.6 million. 22nd Century's cash position stands at $26.8 million, indicating strong liquidity for future operations.
22nd Century Group (NYSE American: XXII) will host a live audio webcast on November 5, 2020, at 8:00 a.m. EST to discuss its 2020 third quarter results, which will be released at 7:00 a.m. EST that day. CEO James A. Mish and other executives will outline a new strategic plan focusing on innovation, growth opportunities, and company re-alignment. A Q&A session will follow, allowing analysts and investors to interact directly. The webcast will be available on the Company’s Investor Relations page, with an archived replay accessible post-event.
22nd Century Group, Inc. (NYSE American: XXII) announced participation in the FDA’s Tobacco and Nicotine Products Regulation Conference, highlighting advancements in reduced nicotine technology.
Mitchell R. Zeller from the FDA will discuss the Comprehensive Plan on October 21, 2020, while 22nd Century's regulatory VP, John Pritchard, will speak on nicotine and harm reduction on October 22, 2020. Pritchard emphasized that limiting nicotine could help 5 million adult smokers quit within a year and save over 8 million lives by century's end. The company aims to support the FDA's efforts in reducing nicotine standards across the tobacco industry.
22nd Century Group has been awarded a new U.S. patent (No. 10,669,552) allowing precise genetic control over nicotine levels in various tobacco plant varieties. This technology can facilitate the introduction of very low nicotine traits into multiple tobacco types, supporting the FDA’s plan to limit nicotine content in cigarettes. The company is also preparing to launch its VLN® cigarettes, which contain 95% less nicotine than traditional cigarettes, pending FDA approval. This innovation aligns with their mission to reduce smoking harm and disrupt the $100 billion U.S. tobacco market.
22nd Century Group (NYSE American: XXII) reported an update from CEO James A. Mish, emphasizing the urgency of their Modified Risk Tobacco Product (MRTP) application with the FDA for their VLN® reduced nicotine cigarettes. The company is optimistic about receiving authorization, which could significantly boost market value by capturing just 0.25% of the U.S. tobacco market, potentially leading to a 5-10x increase in market capitalization. Additionally, the firm aims to advance its hemp/cannabis technology while holding over 200 patents.
22nd Century Group (NYSE American: XXII) has appointed Dr. Michael Koganov to its Board of Directors, enhancing the company's leadership in plant biotechnology. Dr. Koganov will chair the Scientific and Technical Advisory Committee and join the Finance Committee. He brings significant expertise in developing natural plant-based technologies, with a history of success in the life sciences sector. His appointment is expected to strengthen 22nd Century's strategic initiatives and R&D efforts, especially as the company focuses on innovative solutions in the tobacco and cannabis markets.
22nd Century Group (NYSE American: XXII) will present at the LD Micro 500 Virtual Conference on September 3, 2020, at 4:20 p.m. ET. The executive team will be available for one-on-one meetings with investors on September 3 and 4. A live webcast will be accessible on the company’s Investors webpage, with archived replays available post-event. The company specializes in plant-based biotechnology and has innovative products, such as reduced nicotine tobacco. Their expertise extends to developing unique varieties in hemp and cannabis, holding over 200 patents.
22nd Century Group (NYSE American: XXII) announced a live audio webcast scheduled for August 6, 2020, at 8:00 a.m. ET to discuss its second quarter 2020 results. A press release revealing the results will be issued at 7:00 a.m. ET on the same day. Key executives, including CEO James A. Mish, COO Michael Zercher, and CFO John Franzino, will present during the event. Investors can access the webcast through the company's Investor Relations website, and an archived replay will be available afterward.
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?
How can investors stay updated on 22nd Century Group's developments?
