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22nd Century Group Inc. - XXII STOCK NEWS

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

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22nd Century Group, Inc. initiates process to evaluate strategic alternatives for tobacco assets
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22nd Century Group, Inc. reported a 62% increase in net revenues for Q2 2023, reaching $23.4 million. The company launched VLN® sales in California, Texas, and Florida, and delivered record GVB ingredient volumes. They also initiated an operating cost reduction program targeting $15+ million in annualized savings. The revenue outlook for 2023 has been updated to a range of $80 million to $90 million.
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22nd Century Group, Inc. will host a webcast on August 14, 2023, to discuss its 2023 second quarter results. The webcast will include a review of financial results and progress made in each of the Company’s three franchises.
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22nd Century Group, Inc. (Nasdaq: XXII) will host a live webcast on August 14, 2023, to discuss its 2023 first quarter results. The webcast will feature John Miller, interim CEO, and Hugh Kinsman, CFO, reviewing financial results and progress in the Company’s three franchises. A Q&A session will follow, accessible on the Investor Relations section of the website.
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22nd Century Group, Inc. expands its board with the appointment of John Miller as interim CEO and adds Andy Arno as an independent director. The company has secured $11.7 million in gross proceeds from a registered direct financing and has implemented a $15 million annualized cost reduction initiative. The balance sheet has been strengthened, and operating expenses have been reduced.
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22nd Century Group regains compliance with Nasdaq listing requirements.
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Biotech company 22nd Century Group, Inc. has launched VLN® King cigarettes, the first-ever reduced nicotine combustible cigarette, in the California market. VLN® cigarettes contain 95% less nicotine than conventional cigarettes and have received FDA approval as a modified risk tobacco product. They will be available at over 275 convenience store locations in California.
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22nd Century Group, Inc. announces that its VLN® reduced nicotine content cigarettes are selling well in over 80 Town Pump convenience-stores across Montana. The availability of VLN® is expanding, providing adult smokers with a new tool to reduce nicotine addiction.
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22nd Century Group, Inc. has announced a new distribution agreement with Hub, Inc., a Midwest-based convenience store and multi-channel distributor. The agreement allows eligible Hub customers to purchase 22nd Century's VLN® products as part of the company's state and regional rollout program. Hub is a leading distributor of cigarettes in the Midwest, serving over 2,500 customer locations in several states. The partnership is expected to expand retail points of sale for 22nd Century's reduced nicotine content cigarettes.
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FAQ

What is the current stock price of 22nd Century Group (XXII)?

The current stock price of 22nd Century Group (XXII) is $0.0941 as of November 22, 2024.

What is the market cap of 22nd Century Group (XXII)?

The market cap of 22nd Century Group (XXII) is approximately 4.3M.

What is the primary focus of 22nd Century Group, Inc.?

22nd Century Group focuses on reducing the harms of smoking through advanced plant biotechnology, specializing in very low nicotine content (VLNC) tobacco products.

What are the key products offered by 22nd Century Group?

Key products include VLN® reduced nicotine cigarettes, research cigarettes under the SPECTRUM brand, and premium tobacco products through Goodrich Tobacco Company.

What recent financial milestones has the company achieved?

The company reduced its cash use significantly, secured additional capital infusions, and restructured its debt to improve financial health.

What strategic initiatives is 22nd Century Group currently undertaking?

Strategic initiatives include expanding contract manufacturing, launching new product lines, and focusing on growing the VLN® brand and Pinnacle private label products.

What is VLN® and how is it significant?

VLN® is a line of very low nicotine content cigarettes that received the first FDA Modified Risk Tobacco Product authorization, marking a significant breakthrough in reducing smoking harms.

How does 22nd Century Group utilize its biotechnology capabilities?

The company uses genetic engineering and molecular breeding to control nicotine and cannabinoid levels in plants, optimizing them for health and wellness benefits.

What are the financial projections for 22nd Century Group?

The company aims to achieve cash-positive operations by the first quarter of 2025, with continued improvements in revenue and financial stability.

How does 22nd Century Group's technology benefit the cannabis sector?

Their technology allows precise control over cannabinoid levels in cannabis plants, enhancing the therapeutic potential and benefits of cannabis products.

What is the significance of the recent contract manufacturing agreements?

New contracts are expected to boost production volumes by more than 20%, improving revenue and helping achieve operational profitability.

How can investors stay updated on 22nd Century Group's developments?

Investors can follow the company's updates on their Investor Relations website, quarterly earnings calls, and news releases on platforms like StockTitan.

22nd Century Group Inc.

Nasdaq:XXII

XXII Rankings

XXII Stock Data

4.26M
38.55M
16.77%
9.82%
4.42%
Tobacco
Cigarettes
Link
United States of America
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