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. (Nasdaq: XXII) announced a $21 million senior secured debenture financing to support increased working capital needs for its VLN® and GVB business lines. The financing will bear cash interest at 7% per annum and includes early redemption options. The company aims to launch VLN® in up to 18 states by 2023 and anticipates significant revenue growth. GVB's customer demand for CBD products continues to rise, solidifying its market position in North America.
22nd Century Group (Nasdaq: XXII) will participate in one-on-one meetings at the 35th Annual Roth Conference from March 12-14, 2023, in Orange County, California. This leading biotechnology company focuses on reduced nicotine tobacco and advanced plant technologies. Investors interested in meetings can contact their Roth representative or reach out to Matt Kreps at mkreps@xxiicentury.com.
22nd Century has pioneered proprietary reduced nicotine content tobacco and received the first FDA MRTP authorization for a combustible cigarette in December 2021, emphasizing its commitment to tobacco harm reduction.
22nd Century Group, Inc. (Nasdaq: XXII) announced it will host a live webcast on March 9, 2023, at 10:00 AM ET to discuss its 2022 fourth quarter and full year results, which will be released earlier that day at 6:00 AM ET. CEO James A. Mish and other executives will review the company's financial performance and advancements in its three business franchises. The event will include a Q&A session for research analysts. Investors can access the live and archived webcast on the company's Investor Relations website.
22nd Century Group has announced a significant seed cultivation initiative aimed at producing reduced nicotine content tobacco to meet New Zealand's new tobacco regulations. The project targets the production of up to 2 billion cigarettes, matching the country's annual consumption. The company's VLN® cigarettes, which contain 95% less nicotine than standard options, are set to become a foundational element of public health policies in New Zealand and beyond. The initiative aligns with the government’s Smokefree Aotearoa 2025 plan, positioning 22nd Century as a key player in the global tobacco harm reduction effort.
22nd Century Group, Inc. has launched VLN® cigarettes in Colorado, designed for adults aiming to reduce their nicotine intake. A recent survey reveals that 74% of Colorado smokers wish to quit, with 87% believing that cutting back is vital. VLN® contains 95% less nicotine than traditional cigarettes and has received FDA’s Modified Risk Tobacco Product designation. This initiative aligns with the FDA's regulatory focus on nicotine reduction and could cater to the demand for less addictive tobacco products. The survey indicates potential market interest, particularly since Colorado has reduced taxes on such products.
22nd Century Group has announced the acquisition of RX Pharmatech Ltd, enhancing its foothold in the U.K. and EU cannabinoid markets. The deal includes a $650,000 upfront payment and a three-year equity earn-out based on revenue milestones. This acquisition positions 22nd Century as a leader in the U.K. consumer products isolate market, projected to reach $1.26 billion by 2025. RXP's 1,276 approved novel food applications streamline entry into these markets, aligning with regulatory trends. The integration is expected to improve revenue and gross margins through operational efficiencies.
22nd Century Group, Inc. (XXII) has filed a U.S. Drug Master File (DMF) for pharmaceutical-grade cannabidiol (CBD) active pharmaceutical ingredients (API) with the FDA. This filing underscores the company's commitment to providing high-quality CBD ingredients to pharmaceutical and over-the-counter markets. CEO James A. Mish emphasized the importance of this move in meeting regulatory demands. In addition, 22nd Century has partnered with Cannabinoid API Solutions and Transo-Pharm for global marketing and distribution, tapping into a $1 billion cannabinoid pharmaceutical market.
22nd Century Group has opened a new distribution facility in the Netherlands to enhance access to its hemp/cannabis products in Europe, the Middle East, and Africa.
This facility aims to optimize transaction flow and improve tax and customs treatment, as well as reduce delivery time to partners.
The company is increasing manufacturing capacity in the U.S. to meet growing European demand, projected to reach €3.2 billion by 2025. CEO James A. Mish emphasized the facility's potential to capture more market share and scale operations in a rapidly expanding industry.
22nd Century Group (Nasdaq: XXII) announced its participation as an exhibitor at MJBizCon in Las Vegas from November 16 to 18, 2022. The company aims to showcase its advancements in reduced nicotine tobacco and plant technologies through its GVB Biopharma subsidiary. CEO James A. Mish expressed excitement about the opportunity to demonstrate their expertise in cannabinoid extracts and contract manufacturing. GVB Biopharma is recognized as a leading supplier of cannabinoid extracts in North America with a significant market share.
22nd Century Group, Inc. (Nasdaq: XXII), an agricultural biotechnology firm, has announced its participation in upcoming investor conferences. The events will include one-on-one meetings at the Roth 2nd Annual AgTech Answers Event on November 15, 2022, and the 13th Annual Craig-Hallum Alpha Select Conference on November 17, 2022. Investors interested in meeting with management should contact Roth and Craig-Hallum representatives to arrange meetings. 22nd Century focuses on tobacco harm reduction and innovative plant technologies.
FAQ
What is the current stock price of 22Nd Century (XXII)?
What is the market cap of 22Nd Century (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?
