Business
22nd Century Group (Nasdaq: XXII) Reports First Quarter 2023 Financial Results, Introduces 2023 Full Year Revenue Outlook
Readying Q2 VLN® Commercial Sales in California, Texas and Florida, Booking Additional Launches Targeting 18 States Throughout 2023Advancing VLN® Pilot
About this update from 22nd Century Group, Inc
[{"type":"text","content":"Readying Q2 VLN® Commercial Sales in California, Texas and Florida, Booking Additional Launches Targeting 18 States Throughout 2023Advancing VLN® Pilot Programs in Switzerland, Japan, and South KoreaDelivered Record GVB Ingredient Volumes as Dominant Supplier in North AmericaSigns Exclusive CDMO Plus Distribution Agreements Worth More Than $140 Million with Cookies and Old PalFirst Quarter 2023 Net Revenues $22.0 Million, Up 143% from the First Quarter 2022Provides Initial 2023 Revenue Outlook of $105 Million to $110 Million, 69% to 77% Year-Over-Year GrowthContinued Execution of Business Unit Strategies, Poised to Achieve Cash Positive Operating Goals in 2024 BUFFALO, N.Y., May 09, 2023 (GLOBE NEWSWIRE) -- 22nd Century Group, Inc. (Nasdaq: XXII), a leading biotechnology company focused on utilizing advanced plant technologies to improve health and wellness with reduced nicotine tobacco, hemp/cannabis and hops, today reported results for the first quarter ended March 31, 2023, and provided an update on recent business highlights. The Company will host a live audio webcast today at 10:00 a.m. ET. “22nd Century is executing an aggressive commercial rollout of our FDA authorized VLN® reduced nicotine content cigarettes and a revolutionary new CDMO plus distribution business model for our hemp/cannabis business unit, the combination of which will accelerate revenue, increase gross margin and drive 22nd Century to cash profitable operating results for both business units in 2024,” stated James A. Mish, Chief Executive Officer of 22nd Century Group. “Having clearly confirmed the incredible consumer demand for VLN® and rapidly expanding pipeline of retail stores wanting to carry the brand, we are now fully focused on commercialization. We are working steadily toward commercial sales covering thousands of stores in California, Texas and Florida with a top retail chain, as well as booking launch windows and orders with both existing and new chains seeking to sell VLN® products across an expanding geography. To support these launches and accelerate the rollout of hundreds or even thousands of new stores across multiple states within a very narrow timeframe, we have now secured agreements with the #1, and #2 national-scale C-store distribution providers, which are already taking warehouse stocking quantities of VLN® for customer distributi...