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. develops and commercializes reduced-nicotine tobacco products built on proprietary plant biotechnology. Its VLN® combustible cigarette products use low-nicotine tobacco and are described in company materials as FDA-authorized reduced nicotine cigarettes in the United States. Company updates commonly address VLN retail distribution, state authorizations, PMTA-related product expansion, licensing strategy, tobacco-variety research and engagement with FDA and public-health stakeholders.
News also covers operating results for the tobacco business, including branded VLN products, contract manufacturing volumes, filtered cigars and other distributed tobacco products. Recent company reporting frames results around commercial expansion, cost management, higher-margin branded products and the completed exit from the hemp/cannabis business.
22nd Century Group (NYSE American: XXII) announced a successful cash exercise of warrants resulting in $3.7 million in additional net proceeds, totaling $11.8 million. The completion of this transaction eliminates all outstanding warrants, thereby enhancing its balance sheet. CEO James A. Mish expressed intentions to utilize these funds for growth opportunities in the tobacco and hemp/cannabis sectors, particularly in sales and licensing, contingent on acquiring Modified Risk Tobacco Products (MRTP) authorization for its Very Low Nicotine (VLN) cigarettes.
22nd Century Group (XXII) reported steady net sales of $7.3 million for Q4 2020, consistent year-over-year, and a full-year revenue increase of 8.8% to $28.1 million. The gross profit rose significantly, with a margin improvement of 500 basis points. Net loss for Q4 was $(6.4) million, slightly up from the prior year. However, full-year net loss improved by $6.8 million to $(19.7) million. The company is poised to launch its VLN® cigarettes following MRTP authorization from the FDA, aiming to capitalize on new partnerships in the tobacco and hemp/cannabis industries.
22nd Century Group, Inc. (NYSE American: XXII) has announced its participation in three investor conferences throughout March 2021. The events include the DA Davidson 4th Annual Consumer Growth Conference on March 11, the 33rd Annual Roth Conference from March 15-17, and the Investor Summit Virtual Conference from March 23-25. Investors can request one-on-one meetings with the management team via conference hosts. The company focuses on tobacco harm reduction and hemp/cannabis research, emphasizing reduced nicotine content tobacco products.
22nd Century Group, Inc. (NYSE American: XXII) announced it received net proceeds of $8.1 million from warrants exercised in February and March 2021, enhancing its balance sheet. The company expects an additional $3.7 million if remaining warrants are exercised. CEO James A. Mish stated that the capital will support operations, strategy, and growth initiatives across tobacco and hemp/cannabis sectors. The funds will aid in acquiring Modified Risk Tobacco Products (MRTP) authorization and support research in hemp/cannabis.
22nd Century Group, Inc. (XXII) has secured an exclusive agreement with CannaMetrix, LLC to utilize their proprietary CannaMetrix EC50Array™ technology. This partnership aims to expedite the commercialization of innovative hemp/cannabis plant lines, reducing development time from over ten years to just two. The company has now established four out of five key partnerships needed for the cannabinoid value chain, focusing on plant profiling, biotechnology, cultivation, and extraction. This move aligns with its strategy to advance the hemp/cannabis industry significantly.
22nd Century Group (NYSE American: XXII) will host a live webcast on March 11, 2020, at 8:00 a.m. EST to discuss its fourth quarter and full-year 2020 results. The company will issue its results at 7:00 a.m. the same day. CEO James A. Mish and other executives will provide insights on 2020 performance, future milestones, and market opportunities in the $800 billion tobacco and hemp/cannabis sectors. An interactive Q&A will follow the presentation. Access to the webcast is available on the company’s investor relations page.
22nd Century Group is focused on tobacco harm reduction and hemp/cannabis research. The company reported a 343% stock increase to $3.82 as of February 23, 2021, highlighting its MRTP application for VLN® reduced nicotine cigarettes, which if approved, could position it as the only company with a MRTP designation for combustible cigarettes. The company is also advancing its cannabis strategy by developing new hemp varieties through molecular breeding technology, capitalizing on a projected $39.1 billion North American cannabis market by 2025.
22nd Century Group (NYSE American: XXII) announced a breakthrough in plant biotechnology allowing rapid identification of valuable traits in hemp/cannabis. Collaborating with KeyGene, the new platform accelerates development time and enhances breeding techniques, aiming for exponential revenue growth by licensing to partners. The platform can identify genetic markers with over 99.6% accuracy, targeting therapeutic cannabinoids like CBD. The company's strategy shift focuses on upstream segments of the cannabinoid value chain.
22nd Century Group, Inc. (NYSE American: XXII) announced its headquarters relocation to the Larkinville District in Buffalo, NY. The move, set for March 2021, aims to enhance organizational efficiency and talent retention. The company is also awaiting FDA authorization for its Modified Risk Tobacco application for VLN® cigarettes, which contain 95% less nicotine than regular cigarettes. The anticipated growth in hemp/cannabis markets and a new franchise will require the expanded headquarters, indicating a potentially pivotal year for the company.
22nd Century Group advocates for FDA regulation of nicotine levels in cigarettes to reduce addiction and save lives. CEO James A. Mish emphasizes that lowering nicotine can lead to over 8 million fewer deaths by century’s end. The proposal aligns with the FDA's prior plans to combat smoking-related diseases, which result in over 480,000 deaths annually in the U.S., costing $300 billion in healthcare. The company urges Congress to support this vital public health initiative.