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.
News for 22nd Century Group, Inc. (Nasdaq: XXII) centers on its role in tobacco harm reduction, regulatory developments, capital structure actions and the commercialization of its VLN® reduced nicotine cigarette platform. Company announcements frequently highlight progress in expanding VLN® and partner VLN® distribution across additional U.S. states and retail chains, including launches with major convenience store operators and authorizations in a large majority of states.
Investors following XXII news will see updates on VLN® regulatory milestones, such as the original FDA Modified Risk Tobacco Product authorization, the filing of the VLN® MRTP renewal application, and the company’s public support for the FDA’s proposed Tobacco Product Standard for Nicotine Yield of Cigarettes and Certain Other Combusted Tobacco Products. Releases also discuss clinical research findings related to very low nicotine content cigarettes, including reductions in daily cigarette consumption and increased quit attempts among smokers using 95% reduced nicotine VLN® products.
Another recurring theme in 22nd Century’s news is financial and corporate developments. The company reports on balance sheet changes such as repayment and termination of senior secured debt, settlement of insurance claims related to prior facility incidents, and the use of non-dilutive cash proceeds as growth capital. News items also cover equity and preferred stock financings, at-the-market offering arrangements, and proposals for reverse stock splits and other shareholder approvals under Nasdaq Listing Rules.
In addition, XXII news includes corporate governance and investor relations events, such as participation in investor conferences, quarterly earnings webcasts, and shareholder letters reviewing strategic progress. For readers tracking the intersection of tobacco regulation, reduced nicotine technology and public company capital markets activity, the XXII news feed provides ongoing context on how 22nd Century is executing its harm reduction-focused strategy.
22nd Century Group, Inc. (NYSE American: XXII) has acquired Needle Rock Farms in Colorado, valued at $2.2 million, as part of a restructuring agreement with Panacea Life Sciences. The deal includes exchanging a $7 million note for ownership and a new $4.3 million note secured by Panacea’s operations building, appraised at $10.7 million. Additionally, $7 million in Series B Preferred Stock will be converted into 91 million shares of Exactus, Inc.. This strategic move aims to enhance 22nd Century's cannabis capabilities and generate revenue by the second half of 2021.
22nd Century Group (XXII) reported significant progress under CEO James A. Mish’s leadership in a recent shareholder update. Over the past year, shares have surged by 470%. The company is advancing its Modified Risk Tobacco Product (MRTP) application for the VLN® brand, which could allow for marketing claims of containing '95% Less Nicotine.' Additionally, strategic partnerships in the hemp/cannabis sector and a new Canadian subsidiary are expected to enhance growth. The company aims to capitalize on regulatory changes in tobacco and cannabis markets, with a total addressable market of $1.3 trillion.
22nd Century Group, Inc. (XXII) announced the successful completion of a registered direct offering, selling 10 million shares at $4.00 per share, yielding gross proceeds of $40 million. This capital infusion aims to support various strategic objectives across its plant franchises, including R&D expenses, capital expenditures, and commercialization efforts. The company is positioned to capitalize on recent initiatives in its hemp/cannabis franchise and anticipates continued momentum leading to the launch of its reduced nicotine tobacco product in the near future.
22nd Century Group (NYSE: XXII) announced its inclusion in the Russell 2000®, Russell 3000®, and Russell Global Indexes, effective June 28, 2021. This milestone is seen as a recognition of the company's growth and the confidence in its leadership. The firm aims to leverage its strengths in plant science to address the $1.3 trillion market opportunity across tobacco, hemp/cannabis, and a third plant-based franchise. The inclusion is expected to enhance visibility for investors in the tobacco harm reduction and hemp research sectors.
22nd Century Group (XXII) has announced strategic partnerships with leading plant breeders and a collaboration with Aurora Cannabis to enhance its hemp/cannabis initiatives. The company has established a Canadian subsidiary to expand its operations and aims to monetize its biosynthesis intellectual property in late 2021. A $40 million registered direct offering is expected to support growth initiatives. The firm is positioned to capitalize on stable cannabinoid levels in cannabis plants and is actively pursuing multiple revenue streams in its cannabis franchise.
22nd Century Group (NYSE American: XXII) announced a definitive agreement to sell 10 million shares at $4.00 each, totaling $40 million in gross proceeds. The offering targets strategic objectives, including research and development, capital expenditures, and commercialization. The financing, set to close around June 9, 2021, is facilitated by Cowen and Company, LLC. The net proceeds will support the company's plant franchises and its mission to reduce tobacco harm and enhance hemp/cannabis offerings.
22nd Century Group (NYSE American: XXII) announced its participation in several upcoming virtual investor conferences in May and June 2021. Key events include a fireside chat at the Stephens Food and Ag Disrupted Conference on May 26, a presentation at the Benzinga Cannabis Capital Conference on June 3, and participation in the 2021 LD Micro Invitational XI Conference on June 10. Investors can access live webcasts through the Company’s Investor Relations website and may request one-on-one meetings with representatives.
22nd Century Group (NYSE American: XXII) addresses health disparities from tobacco addiction, particularly in minority communities. At the FDLI Annual Conference on May 19, 2021, VP John Pritchard will discuss how reduced nicotine content in cigarettes could lower addiction rates. The need for FDA regulation is emphasized, including capping nicotine levels to create non-addictive products. The company’s VLN® King cigarettes meet this potential FDA mandate. Public health experts join the discussion, pushing for expedited actions to address nicotine's impact on health equity.
22nd Century reported Q1 2021 net sales of $6.8 million, comparable to $7.1 million in Q1 2020. The gross profit increased by 125% to $647,000, while the net loss expanded to $5.0 million from $4.0 million year-over-year. The FDA's review process for the Modified Risk Tobacco Product (MRTP) designation of its VLN® cigarettes is nearing conclusion, with plans for a commercial launch within 90 days post-authorization. Cash reserves improved to $30.9 million, supporting growth initiatives in tobacco and hemp/cannabis markets. The company anticipates a favorable regulatory environment for cannabis moving forward.
22nd Century Group (NYSE American: XXII) announced significant advancements in its testing capabilities, estimating a 90% reduction in costs and a turnaround time improvement from weeks to hours for its VLN® reduced nicotine tobacco products. The new in-house laboratory will enhance product quality and testing consistency while supporting the anticipated demand for VLN® cigarettes. In preparation for the FDA's Modified Risk Tobacco Product (MRTP) application, the company aims for ISO/IEC 17025 accreditation, demonstrating its commitment to high-quality testing standards.