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22nd Century Group, Inc. (XXII)

NYSE American - Nasdaq Real Time Price. Currency in USD
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4.0000+0.1800 (+4.71%)
As of 2:19PM EST. Market open.
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Neutralpattern detected
Previous Close3.8200
Open3.8500
Bid3.9900 x 1300
Ask4.0000 x 900
Day's Range3.8200 - 4.0600
52 Week Range0.5500 - 4.6600
Volume2,174,812
Avg. Volume3,657,970
Market Cap555.436M
Beta (5Y Monthly)1.57
PE Ratio (TTM)N/A
EPS (TTM)-0.1430
Earnings DateNov 05, 2020
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target Est7.00
  • 22nd Century Group Provides Business Update Letter from CEO
    GlobeNewswire

    22nd Century Group Provides Business Update Letter from CEO

    Global Commercial Opportunities in Approximately +$800 Billion Markets Across Tobacco and Hemp/CannabisWILLIAMSVILLE, N.Y., Feb. 24, 2021 (GLOBE NEWSWIRE) -- 22nd Century Group, Inc. (NYSE American: XXII), a leading plant-based, biotechnology company that is focused on tobacco harm reduction, very low nicotine content tobacco, and hemp/cannabis research, today provided a business update letter from Chief Executive Officer, James A. Mish. Dear Fellow Shareholders, As the Chief Executive Officer of 22nd Century Group in this important first quarter of 2021, I am proud of what our team was able to accomplish in 2020, and I look forward to sharing our financial results with you during our next quarterly earnings update in March. We are entering what I believe will be a pivotal year for 22nd Century. Since reporting third quarter earnings last November, shares of 22nd Century have appreciated 343% to $3.821. Still, I believe the Company’s current share price greatly undervalues the untapped potential of our business and of our extraordinary potential in very large and highly attractive markets. Primary Mission Top of mind for 22nd Century in the first quarter of 2021, as it is for many of our investors, is the status of our Modified Risk Tobacco Product (MRTP) application with the U.S. Food and Drug Administration (FDA) to authorize our VLN® reduced nicotine content (RNC) cigarettes. We are highly confident that our application is in the FDA’s final review stage and upon receiving authorization, we believe 22nd Century will be the first, and likely the only, company to receive a MRTP designation for a combustible cigarette. The Centers for Disease Control and Prevention (CDC) has reported that more than two-thirds of smokers want to quit and that more than half of all smokers report having made a quit attempt in the past year – yet fewer than one in ten smokers succeed in actually quitting each year. Cigarette smoking remains the leading cause of preventable disease and death in the United States. It is clear that adult smokers are actively seeking alternatives to addictive, combustible cigarettes. 22nd Century’s VLN® cigarettes contain 95% less nicotine than traditional combustible cigarettes available on the market today. When told about our reduced nicotine content cigarettes, 60% of adult smokers indicated a likelihood to use VLN®2. With more than 34 million smokers in the United States and more than 1 billion smokers worldwide, VLN® has near-term blockbuster potential. This puts 22nd Century in a very enviable – and near standalone - position to capitalize on the global combustible market that is valued at more than $700 billion annually. Having the only combustible cigarette with a modified exposure claim authorized by the FDA would serve as a catalyst for 22nd Century’s commercial sales, as achieving even 0.25% share of the U.S. tobacco market would result in a substantial increase in revenue and market capitalization for the Company. This will be our home run. The political changes now in place will likely be highly favorable to our business prospects from a policy priority and regulatory view. What’s more, we believe we have made an impact on the timing of our MRTP application based on a positive and relentless approach with the FDA through multiple channels. With the Biden Administration in the White House and Democrats in control of both the Senate and House of Representatives in the 117th United States Congress, we believe that government agencies will be much more focused on improving public health in 2021. And we have already begun working to align completely with the new administration and to encourage their support. We also believe that, under the new administration, the FDA will now be re-energized in implementing its ground-breaking Comprehensive Plan for Tobacco and Nicotine Regulation, in particular the Agency’s plan to cap the amount of nicotine in combustible cigarettes. At just 0.5 milligrams of nicotine per gram of tobacco, VLN® is the only combustible tobacco product today that meets the FDA’s proposed product standard for nicotine levels that are “minimally or non-addictive.” 22nd Century’s MRTP authorization and the launch of VLN® will serve as a vanguard for the FDA’s proposed mandate. We believe the tide is, at last, turning and have a bullish outlook on the implementation of such a mandate that will, according to public health researchers, help more than five million adult smokers quit smoking, prevent hundreds of children from becoming addicted to smoking every day, and save more than eight million American lives by the end of the century3. This is the grand slam that will drive our revenue and market capitalization orders of magnitude higher. Commercial Launch Ready As previously discussed, we are fully prepared for the commercial launch of VLN® King and VLN® Menthol King cigarettes within 90 days of receiving authorization from the FDA. The launch of VLN® will be paired with a compelling marketing campaign to introduce adult smokers to the world’s lowest nicotine content cigarette. Based on early sales projections and to meet the expected demand from adult smokers, we have significantly expanded the growing program for VLN® reduced nicotine content tobacco. Additionally, authorization in conjunction with an FDA mandate to reduce nicotine content in all cigarettes sold in the United States would open multiple licensing and partnership opportunities for 22nd Century’s proprietary RNC tobacco intellectual property (IP) and technology, again significantly expanding our addressable market and revenue opportunities. That is why securing the FDA authorization for VLN® cigarettes continues as my number one priority as CEO of 22nd Century Group. I hope that you and other social media users will make it a priority as well. At 22nd Century, we have actively communicated with Congressional representatives to ask for their support for our MRTP application and more importantly, to move forward assertively with the FDA’s proposed mandate to limit the levels of nicotine in combustibles to “minimally or non-addictive” levels. We have also expanded our public relations, public affairs, and social media efforts, to keep authorization top of mind for our friends at the FDA, other government agencies, and in the tobacco industry. Including: An op-ed in our hometown paper, The Buffalo News, urging the FDA to proceed with their proposed plan to limit nicotine in traditional cigarettes;A news release on expanding planting of VLN® tobacco to meet the expected demand for our VLN® RNC cigarettes;News on an order for 3.6 million of our SPECTRUM® Variable Nicotine Cigarettes to support U.S. Government Research;An op-ed penned by our Vice President of Regulatory Science, John Pritchard, that urges the FDA to accelerate the implementation of its nicotine mandate. Cannabis: Breakthrough in Accelerating and Developing Desirable Commercial Traits Turning attention to our hemp/cannabis side of the business, we were excited to share news about a truly incredible breakthrough earlier this month. In collaboration with researchers from KeyGene, our scientists have developed a cutting-edge molecular breeding platform that will enable 22nd Century and our strategic partners to quickly identify and accelerate the development of new varieties of hemp/cannabis plants with commercially valuable traits. Traditional breeding methods can take ten years or longer to develop new varieties of hemp/cannabis plants that express desired traits. With 22nd Century’s breakthrough molecular breeding technology, we can dramatically improve the development process time that it takes to develop new, high-value hemp/cannabis cultivars – a tremendous value to this large, emerging market. In a recent research report, Prohibition Partners estimates that legal cannabis sales in North America alone reached approximately $18.1 billion in 2020 and is projected to rise to $39.1 billion by 2025. Additionally, the global legal hemp/cannabis market is estimated to be worth upwards of $100 billion annually by 2024. You can read more about 22nd Century’s innovation in this very attractive market, here. Since reporting third-quarter earnings, we have refocused our hemp/cannabis strategy to target the upstream segments of the cannabinoid value chain and related intellectual property in the areas of plant biotechnology research, gene modification and engineering, modern plant breeding and development, and extraction. We are placing a renewed emphasis on developing intellectual property and high-value genetic traits by targeting and developing proprietary hemp/cannabis lines with select agronomic traits, including lines with stable, ultra-high tetrahydrocannabinol (THC) levels, lines with rare cannabinoids, and lines with ultra-low terpene levels. This is a shift away from cannabidiol (CBD) and hemp-based finished goods – a saturated market. We believe we can establish a leadership position in the legal hemp/cannabis industry by leveraging our core strengths in plant science and intellectual property including plant engineering, gene-editing, and modern plant breeding combined with strategic, operational partnerships. We are already in advanced discussions with potential partners that will enable us to offer comprehensive commercial breeding, cultivation, and extract purification services utilizing our proprietary hemp/cannabis plants in development. We will continue to focus on and ensure the accelerated delivery of valuable, commercial plant lines, intellectual property and technology for the life science, consumer product, and pharmaceutical end-use markets. With an emphasis on science-driven differentiation 22nd Century intends to gain widespread recognition as a world leader in this legal hemp/cannabis industry. In the coming months, we will have more news about our evolving relationships with KeyGene, Panacea, and other new strategic partners in the fast-growing legal hemp/cannabis space. Our collaboration with these organizations and the achievements we make together will advance our leadership position and have an enormously positive impact on our business opportunities. Ready for the Future As I stated at the beginning of this letter, 2021 will be a pivotal year for 22nd Century Group. The fruits of more than a decade of research and development are, at last, ripe for harvest. We are very excited about the historic milestones that 22nd Century will achieve in these, our primary areas of focus: Secure FDA authorization of VLN®, the only reduced nicotine content combustible cigarette in the world that will receive a MRTP designation from FDA; execute commercial product launch and licensing and partnership initiatives within 90 days of authorization;Support and advance the FDA’s proposed mandate to cap the nicotine content of all combustible cigarettes sold in the U.S. to just 0.5 milligrams of nicotine per gram of tobacco;Target the upstream segment of the cannabinoid value chain; creating proprietary, commercially valuable new plant lines and related intellectual property with stabilized genetics to harness and optimize hemp/cannabis plant potential; monetize a portion of our existing hemp/cannabis IP in 2021 and continue to bring disruptive technology forward;Turn attention to the Company’s development of a third, plant-based franchise after securing MRTP authorization for VLN®; leverage 22nd Century’s plant science expertise to develop and secure valuable intellectual property, and sign lucrative strategic partnerships to support the development of this franchise;Maintain diligent financial execution, efficient operating structure, and balance sheet strength to support 22nd Century’s growth initiatives. 22nd Century’s leadership team and I are ready and eager to make available VLN® to each and every adult smoker in the United States within 90 days of receiving authorization from the FDA. Having refocused our hemp/cannabis strategy on intellectual property and on the upstream segments of the cannabinoid value chain, 22nd Century’s relationship with KeyGene is stronger and more fruitful than ever. Throughout 2021 and beyond, we expect to reach more major research milestones with our partners at KeyGene and with other strategic partners in both hemp/cannabis and our soon-to-be-announced third franchise. It is truly an exciting time for our company and stakeholders, and I hope that you share in our enthusiasm. Please visit our Press Release page on the 22nd Century website and follow us on Twitter and LinkedIn to learn more about our organization and continue to follow our news as it is made. James A. MishChief Executive Officer, 22nd Century Group 1As of market close on Tuesday, February 23, 2021.2Based on perception studies conducted by 22nd Century Group3Appelberg, Feirman, Salazar, et al. (2018) About 22nd Century Group, Inc.22nd Century Group, Inc. (NYSE American: XXII) is a leading plant biotechnology company focused on technologies that alter the level of nicotine in tobacco plants and the level of cannabinoids in hemp/cannabis plants through genetic engineering, gene-editing, and modern plant breeding. 22nd Century’s primary mission in tobacco is to reduce the harm caused by smoking through the Company’s proprietary reduced nicotine content tobacco cigarettes – containing 95% less nicotine than conventional cigarettes. The Company’s primary mission in hemp/cannabis is to develop and commercialize proprietary hemp/cannabis plants with valuable cannabinoid profiles and desirable agronomic traits. Learn more at xxiicentury.com, on Twitter @_xxiicentury, and on LinkedIn. Cautionary Note Regarding Forward-Looking StatementsExcept for historical information, all of the statements, expectations, and assumptions contained in this press release are forward-looking statements. Forward-looking statements typically contain terms such as “anticipate,” “believe,” “consider,” “continue,” “could,” “estimate,” “expect,” “explore,” “foresee,” “goal,” “guidance,” “intend,” “likely,” “may,” “plan,” “potential,” “predict,” “preliminary,” “probable,” “project,” “promising,” “seek,” “should,” “will,” “would,” and similar expressions. Actual results might differ materially from those explicit or implicit in forward-looking statements. Important factors that could cause actual results to differ materially are set forth in “Risk Factors” in the Company’s Annual Report on Form 10-K filed on March 11, 2020, and in its subsequently filed Quarterly Report on Form 10-Q. All information provided in this release is as of the date hereof, and the Company assumes no obligation to and does not intend to update these forward-looking statements, except as required by law. Investor Relations & Media Contact:Mei KuoDirector, Communications & Investor Relations22nd Century Group, Inc.(716) 300-1221mkuo@xxiicentury.com

  • 22nd Century Group and KeyGene Launch Advanced Cannabis Technology Platform for Accelerated Development of New Varieties of Hemp/Cannabis Plants with Commercially Valuable Traits
    GlobeNewswire

    22nd Century Group and KeyGene Launch Advanced Cannabis Technology Platform for Accelerated Development of New Varieties of Hemp/Cannabis Plants with Commercially Valuable Traits

    Breakthrough expected to yield disruptive plant lines and new licensing opportunities with strategic partnersWILLIAMSVILLE, N.Y., Feb. 10, 2021 (GLOBE NEWSWIRE) -- 22nd Century Group, Inc. (NYSE American: XXII), a leading plant-based, biotechnology company focused on tobacco harm reduction, very low nicotine content tobacco, and hemp/cannabis research, announced today that it has developed and launched a new, cutting-edge technology platform that will enable the Company and its strategic partners to quickly identify and incorporate commercially valuable traits of hemp/cannabis plants to create new, stable hemp/cannabis lines. The platform incorporates a suite of proprietary molecular tools and a large library of genomic markers and gene-trait correlations. The platform was developed in collaboration with researchers at KeyGene, a global leader in plant research involving high-value genetic traits and increased crop yields. “This is a major breakthrough. Quickly and easily identifying the genes responsible for specific traits in a plant is a powerful tool for 22nd Century Group and the hemp/cannabis industry as a whole,” said James A. Mish, chief executive officer of 22nd Century Group. “That is why we are even now beginning discussions to license this platform to strategic partners to help them improve their plant breeding techniques and to optimize their hemp/cannabis cultivars. We continue to make great advancements through our partnership with KeyGene, and this newly developed molecular breeding platform has the potential to result in exponential growth for the Company’s revenues and create new value opportunities for our stakeholders, including shareholders.” “Using traditional breeding techniques, it typically takes at least eight to ten years to develop new varieties of hemp/cannabis plants that consistently express important traits,” said Juan Sanchez Tamburrino, Ph.D., vice president of research and development at 22nd Century Group. “Our new molecular breeding platform can dramatically reduce our development time for new high-value varieties of hemp/cannabis and allows 22nd Century scientists to identify plant lines that carry high levels of major therapeutic cannabinoids, such as cannabidiol (CBD), cannabichromene (CBC), and other minor therapeutic cannabinoids, like cannabidivarin (CBDV) and tetrahydrocannabivarin (THCV).” Demonstrating how this technology can be used, 22nd Century and KeyGene scientists can now accelerate the selection of specific traits yielding novel cannabinoid profiles. For example, the team was able to select specific markers that predict the gender of hemp/cannabis plants with an astounding 99.6% accuracy. Using this new breeding technology, 22nd Century has already characterized millions of high-value single nucleotide polymorphisms (SNPs). SNPs are molecular markers or guideposts within a plant’s genome that indicate important variations in Deoxyribonucleic acid (DNA) sequences. Targeting these newly identified SNPs, 22nd Century was able to locate and isolate specific sections of genetic code from genome assemblies present in the Company’s state-of-the-art hemp/cannabis bioinformatics database. 22nd Century’s bioinformatics database continues to grow and already contains hundreds of hemp/cannabis genomes and thousands expression datapoints across a wide array of hemp/cannabis varieties and phenotypes. The ability to identify specific genetic variations allows researchers to isolate high-value traits, like increased CBD or tetrahydrocannabinol (THC) production, and then introduce those traits in new plant lines using modern plant breeding techniques, including trait tracking using molecular marker profiles and the Company’s proprietary accelerated breeding pipeline. Since reporting third quarter earnings, 22nd Century has refocused its hemp/cannabis strategy to target the upstream segments of the cannabinoid value chain, in particular, in the areas of plant biotechnology research, gene modification and engineering, modern plant breeding and development, and extraction. The Company intends to build upon its core strengths in the plant science and ingredient value chain and is in advanced discussions with operational partners that will enable it to offer comprehensive commercial breeding, cultivation, and extract purification services utilizing its proprietary hemp/cannabis plants in development. The Company will continue to focus on and ensure the accelerated delivery of valuable, commercial plant lines and technology, and related intellectual property for the life science, consumer product, and pharmaceutical markets. About 22nd Century Group, Inc.22nd Century Group, Inc. (NYSE American: XXII) is a leading plant biotechnology company focused on technologies that alter the level of nicotine in tobacco plants and the level of cannabinoids in hemp/cannabis plants through genetic engineering, gene-editing, and modern plant breeding. 22nd Century’s primary mission in tobacco is to reduce the harm caused by smoking through the Company’s proprietary reduced nicotine content tobacco cigarettes – containing 95% less nicotine than conventional cigarettes. The Company’s primary mission in hemp/cannabis is to develop and commercialize proprietary hemp/cannabis plants with valuable cannabinoid profiles and desirable agronomic traits. Learn more at xxiicentury.com, on Twitter @_xxiicentury and on LinkedIn. Cautionary Note Regarding Forward-Looking StatementsExcept for historical information, all of the statements, expectations, and assumptions contained in this press release are forward-looking statements. Forward-looking statements typically contain terms such as “anticipate,” “believe,” “consider,” “continue,” “could,” “estimate,” “expect,” “explore,” “foresee,” “goal,” “guidance,” “intend,” “likely,” “may,” “plan,” “potential,” “predict,” “preliminary,” “probable,” “project,” “promising,” “seek,” “should,” “will,” “would,” and similar expressions. Actual results might differ materially from those explicit or implicit in forward-looking statements. Important factors that could cause actual results to differ materially are set forth in “Risk Factors” in the Company’s Annual Report on Form 10-K filed on March 11, 2020 and in its subsequently filed Quarterly Report on Form 10-Q. All information provided in this release is as of the date hereof, and the Company assumes no obligation to and does not intend to update these forward-looking statements, except as required by law. Investor Relations & Media Contact:Mei KuoDirector, Communications & Investor Relations22nd Century Group, Inc.(716) 300-1221mkuo@xxiicentury.com

  • GlobeNewswire

    22nd Century Group to Relocate Headquarters to Buffalo’s Thriving Larkinville District

    New space is ideally equipped and located in the heart of Buffalo’s urban renewalWILLIAMSVILLE, N.Y., Jan. 28, 2021 (GLOBE NEWSWIRE) -- 22nd Century Group, Inc. (NYSE American: XXII), a leading plant-based, biotechnology company that is focused on tobacco harm reduction, very low nicotine content tobacco, and hemp/cannabis research, announced today that the Company is moving its corporate headquarters to the up-and-coming Larkinville District in downtown Buffalo. “We have experienced tremendous positive change in our organization over the past year and this relocation will help us improve on efficiency, collaboration, and our ability to attract and retain top talent,” said James A. Mish, chief executive officer of 22nd Century Group. “We have deep roots in Buffalo, and we are very excited to be moving to the up-and-coming Larkinville District, Buffalo’s oldest manufacturing district, to join other organizations that are revitalizing the city’s tech and business community.” 22nd Century Group’s new Buffalo office space is in a state-of-the-art, restored manufacturing facility located at 500 Seneca Street, joining other multinational technology and professional services companies. The new headquarters will accommodate all of the Company’s staff from its current office location in nearby Williamsville and has significant room for expansion. The Company believes that authorization of its MRTP application by the U.S. Food and Drug Administration (FDA), along with its expected growth in the hemp/cannabis space and a soon-to-be-announced third franchise, will require an expansion of resources and space. 22nd Century Group will move to its new headquarters in March 2021. About 22nd Century Group’s Modified Risk Tobacco Application with FDA for VLN® Reduced Nicotine Content Cigarettes 2021 is expected to be a pivotal year for 22nd Century Group. The Company’s Modified Risk Tobacco (MRTP) application for its reduced nicotine content VLN® cigarettes is in review with the FDA. Featuring 95 percent less nicotine than typical cigarettes, VLN® will serve as a vanguard for the FDA’s ground-breaking Comprehensive Plan for Tobacco and Nicotine Regulation. Published in 2017, the plan aims to set a product standard for cigarettes that achieves “minimally or non-addictive” levels of nicotine. Public health researchers project that within the first year of implementation of the proposed mandate, more than five million adult smokers will quit smoking and more than eight million American lives will be saved by the end of the century. Numerous independent scientific studies funded in large part by the FDA, the National Institutes of Health (NIH) and other U.S. federal government agencies using the Company’s reduced nicotine content tobacco cigarettes studies show conclusively that smokers who use 22nd Century’s reduced nicotine content tobacco cigarettes (i) reduce their nicotine exposure and dependence, (ii) smoke fewer cigarettes per day, (iii) experience reduced withdrawal symptoms, (iv) increase their number of smoke-free days, and (v) double their quit attempts – all with minimal or no evidence of nicotine withdrawal or compensatory smoking. Within 90 days of receiving authorization from the FDA, the Company will launch VLN® King and VLN® Menthol King cigarettes in the U.S. The rollout will be paired with a compelling marketing campaign to introduce adult smokers to the world’s lowest nicotine content cigarette. Having the only combustible cigarette with a modified exposure claim authorized by the FDA could serve as a catalyst for 22nd Century’s commercial sales as capturing even a small fraction of U.S. tobacco sales could result in exponential growth in the Company’s revenues and market capitalization. 22nd Century Group also intends to make its technology available to every cigarette manufacturer, so that they can comply with the proposed FDA nicotine cap and help reduce the harm caused by smoking. About 22nd Century Group, Inc.22nd Century Group, Inc. (NYSE American: XXII) is a leading plant biotechnology company focused on technologies that alter the level of nicotine in tobacco plants and the level of cannabinoids in hemp/cannabis plants through genetic engineering, gene-editing, and modern plant breeding. 22nd Century’s primary mission in tobacco is to reduce the harm caused by smoking through the Company’s proprietary reduced nicotine content tobacco cigarettes – containing 95% less nicotine than conventional cigarettes. The Company’s primary mission in hemp/cannabis is to develop and commercialize proprietary hemp/cannabis plants with valuable cannabinoid profiles and desirable agronomic traits. Learn more at xxiicentury.com, on Twitter @_xxiicentury and on LinkedIn. Cautionary Note Regarding Forward-Looking StatementsExcept for historical information, all of the statements, expectations, and assumptions contained in this press release are forward-looking statements. Forward-looking statements typically contain terms such as “anticipate,” “believe,” “consider,” “continue,” “could,” “estimate,” “expect,” “explore,” “foresee,” “goal,” “guidance,” “intend,” “likely,” “may,” “plan,” “potential,” “predict,” “preliminary,” “probable,” “project,” “promising,” “seek,” “should,” “will,” “would,” and similar expressions. Actual results might differ materially from those explicit or implicit in forward-looking statements. Important factors that could cause actual results to differ materially are set forth in “Risk Factors” in the Company’s Annual Report on Form 10-K filed on March 11, 2020 and in its subsequently filed Quarterly Report on Form 10-Q. All information provided in this release is as of the date hereof, and the Company assumes no obligation to and does not intend to update these forward-looking statements, except as required by law. Investor Relations & Media Contact:Mei KuoDirector, Communications & Investor Relations22nd Century Group, Inc.(716) 300-1221mkuo@xxiicentury.com