Business
22nd Century Group (Nasdaq: XXII) Reports Business Highlights and Financial Results for the Second Quarter 2022
Strong Chicago Pilot Exceeded Expectations, Accelerates VLN® Expansion in ColoradoAccretive GVB Biopharma Acquisition Doubles Corporate Revenue and Expands
About this update from 22nd Century Group, Inc
[{"type":"text","content":"Strong Chicago Pilot Exceeded Expectations, Accelerates VLN® Expansion in ColoradoAccretive GVB Biopharma Acquisition Doubles Corporate Revenue and Expands Market Leading Hemp/Cannabis CapabilitiesSecond Quarter Net Sales $14.5 Million, Up 73% from the Second Quarter 2021Strengthened Balance Sheet with $35 Million Above-Market Equity Offering to Support Accelerated VLN® Expansion BUFFALO, N.Y., Aug. 09, 2022 (GLOBE NEWSWIRE) -- 22nd Century Group, Inc. (Nasdaq: XXII), a leading agricultural biotechnology company dedicated to improving human health with reduced nicotine tobacco, hemp/cannabis, and hops advanced plant technologies, today reported results for the second quarter ended June 30, 2022, and provided an update on recent business highlights. The Company will host a live audio webcast today at 10:00 a.m. ET. James A. Mish, Chief Executive Officer of 22nd Century Group, stated: “Our VLN® pilot in Chicago is exceeding expectations, driving us to accelerate and expand our launch plans. The pilot and consumer studies have made clear that our approach focusing on awareness, education and trial is working with adult smokers. We are now testing specific offers designed to increase trial and repeat purchase among existing smokers looking to smoke less/reduce their nicotine consumption while also expanding our presence in Chicago and the State of Illinois. “We are also expanding our VLN® launch to the state of Colorado ahead of plan. Colorado offers a reduced taxation rate for MRTP authorized products, providing a favorable cost structure for our VLN® products in that state as compared to traditional premium cigarettes. Additionally, and more importantly, we are working closely with a major consumer packaged goods (CPG) distributor and a long-standing specialty distributor covering convenience, grocery, and drug stores across the state, giving us full access to a broad range of more than 3,000 targeted statewide potential points of sale. “We continue to be confident about proposed federal policy changes and independent state actions that could take our game-changing product and its FDA authorized claims nation-wide in the U.S. Doing so would dramatically change the tobacco marketplace by offering smokers a real choice; a product that can help adult smokers to smoke less. It is clearer than ever that there is real commitment from bo...