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 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.
22nd Century Group, Inc. (Nasdaq: XXII) reported third quarter 2022 net sales of $19.4 million, a 148% increase from the same period in 2021. This growth is attributed to increased contract manufacturing volumes and revenues from the recently acquired GVB Biopharma. The company is expanding its reduced nicotine tobacco product, VLN®, into five states, with plans to reach 18 states within a year. Despite a net loss of $13.1 million, the company maintains a strong balance sheet with $43.7 million in cash, supporting strategic initiatives for expansion.
22nd Century Group, Inc. (Nasdaq: XXII) has announced findings from a recent study demonstrating that its reduced nicotine content (RNC) cigarettes significantly aid in smoking cessation and lower toxicant exposure without negatively affecting mental health. The study involved adult smokers with mood or anxiety disorders, showing reduced nicotine dependence and cigarette consumption among those using RNC cigarettes. CEO James A. Mish emphasized the positive public health implications of reduced nicotine policies and their potential to save millions of lives.
22nd Century Group (Nasdaq: XXII) will release its third quarter 2022 financial results on November 8, 2022, at 6:00 a.m. ET. A conference call will follow at 10:00 a.m. ET, featuring CEO James A. Mish, President John Miller, and CFO Hugh Kinsman. They will discuss company updates and the financial results. Investors can participate in a Q&A session through a webcast. The live event will be available on 22nd Century's Investor Relations website, along with an archived replay.
22nd Century Group, Inc. (XXII) announces the expansion of its VLN® reduced nicotine cigarettes into Utah, Arizona, and New Mexico, following the Colorado launch. The company aims to tap into a massive market, emphasizing that every 1% of the U.S. market correlates to approximately $800 million in retail sales. With favorable MRTP excise tax programs in these states, 22nd Century plans to utilize established partners for efficient distribution. VLN® products are designed to help adult smokers reduce their nicotine intake, with previous pilot programs demonstrating success in consumer recommendations.
22nd Century Group, Inc. (Nasdaq: XXII) has announced that CEO James A. Mish will present at the LD Micro Main Event Investor Conference in Los Angeles on October 26, 2022, at 11:00 a.m. PT. The event is highly anticipated, with limited space for investor meetings due to demand. Institutional investors can arrange meetings through LD Micro representatives or by contacting the investor relations team. A live and archived webcast of the presentation will be available on the company's Investor Relations website shortly after the event.
22nd Century Group (Nasdaq: XXII) announced that CEO James A. Mish will present at the 7th Annual Dawson James Small Cap Growth Conference on October 12, 2022, in Jupiter, Florida. The company's presentation is scheduled for 10:30 AM ET. Interested institutional investors can request meetings with management through their representatives or by contacting the investor relations team at investorrelations@xxiicentury.com. 22nd Century Group specializes in agricultural biotechnology, focusing on reduced nicotine tobacco, hemp, and cannabis technologies.
22nd Century Group has launched VLN® cigarettes in Colorado, the first FDA-approved Modified Risk Tobacco Product, featuring 95% less nicotine than regular cigarettes. This initiative aims to help smokers reduce consumption and quit smoking. VLN® King and Menthol King are now available at Smoker Friendly locations and will soon be in Circle K stores. Clinical trials show switching to VLN® can reduce cigarettes per day by 50% after 20 weeks. The rollout aligns with public health goals and aims to reduce smoking-related deaths, particularly among Colorado's adult smokers.
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