Business
22nd Century Group (Nasdaq: XXII) Reports Fourth Quarter and Full Year 2022 Financial Results and Provides Business Update
Accelerates VLN® Launch with Key National Distribution AgreementsLaunching VLN® in Texas, California and Florida with New National Scale Distributor and
About this update from 22nd Century Group, Inc
[{"type":"text","content":"Accelerates VLN® Launch with Key National Distribution AgreementsLaunching VLN® in Texas, California and Florida with New National Scale Distributor and Retail PartnersScaling Hemp/Cannabis Revenue and Gross Margin to Achieve Cash-Positive Operating Results in First Half 2024; Executing New Fully Verticalized Major Retail Category Management Services AgreementsFourth Quarter 2022 Net Revenues $19.2 Million, Up 141% from the Fourth Quarter 2021New $21.1 Million Senior Secured Credit Facility Expands Working Capital to Fuel Growth BUFFALO, N.Y., March 09, 2023 (GLOBE NEWSWIRE) -- 22nd Century Group, Inc. (Nasdaq: XXII), a leading biotechnology company dedicated to improving health with reduced nicotine tobacco, hemp/cannabis and hops advanced plant technologies, today reported results for the fourth quarter and full year ended December 31, 2022, and provided an update on recent business highlights. The Company will host a live audio webcast today at 10:00 a.m. ET. “The fourth quarter and 2022 were transformative for 22nd Century as we launched an aggressive commercial rollout of our FDA authorized VLN® reduced nicotine content cigarettes and accelerated revenue and margin growth opportunities with our hemp/cannabis business unit,” stated James A. Mish, Chief Executive Officer of 22nd Century Group. “Following our exceptional pilot results indicating our ability to initially capture a 1% share of market, several of the largest convenience store (C-store) chains in the U.S. are seeking to carry our VLN® products on a regional or multi-state basis. Our early 2023 success positioning VLN® with national- and regional-scale distribution partners, such as Core-Mark/Eby-Brown and others in process now, will enable the broad-based launches across hundreds of stores at a time that these retail partners desire. “As an example of how quickly these new distribution agreements can scale our retail presence, we are readying VLN® launch plans in Texas, California and Florida with a new, national-scale C-store chain partner to be formally announced as soon as the final contract items are completed. Regional chains are also launching VLN® alongside these national partners, such as CEFCO convenience stores, which plans to commence sales at more than 100 Texas and Florida locations in the near future. Based on existing commitments in various contract...