Business
22nd Century Group (XXII) Announces Strategic License, Manufacturing and Distribution Agreement with Old Pal
Second Leading Consumer Hemp/Cannabis Brand Adopts 22nd Century’s Turn-Key Contract Development and Manufacturing Plus Distribution (CDMO+D) Solution
About this update from 22nd Century Group, Inc
[{"type":"text","content":"Second Leading Consumer Hemp/Cannabis Brand Adopts 22nd Century’s Turn-Key Contract Development and Manufacturing Plus Distribution (CDMO+D) Solution Previously Announced Cookies Agreement Now Targeting More Than 200 Wholesale Distributors Combined Cumulative Value of New License and Distribution Agreements Executed to Date Expected to Exceed $140 Million Over Contract Terms BUFFALO, N.Y., May 02, 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 announced its second exclusive license, manufacturing and distribution agreement (the “Agreement”) in the hemp/cannabis industry, signed with Old Pal, LLC, a widely recognized consumer hemp/cannabis company started in California and now operating in eight states. “Old Pal is the second leading consumer hemp/cannabis brand to adopt 22nd Century’s innovative strategic license, manufacturing and distribution agreement. This model enables brands to focus on product development, customer engagement and marketing while we provide expansive access to mass market channels urgently seeking new, high-margin, high-velocity products to meet growing consumer demand,” said James A. Mish, Chief Executive Officer of 22nd Century. Initially launched in California in 2018, Old Pal quickly gained recognition for its nostalgic branding. Today, the brand has expanded its reach and struck a chord with millions of daily consumers by paying homage to a simpler era, where hemp/cannabis was uncomplicated, neighbors knew each other by name, and the sense of community was significant. In addition, Old Pal’s continuously growing line of apparel, accessories, and home goods has firmly established it as a prominent cultural figure in the world of cannabis. The exclusive license with 22nd Century covers Old Pal branded non-Delta-9 THC, hemp derived cannabinoid consumer products and accessories. Similar to 22nd Century’s first single-source integrated production, sales and distribution agreement in hemp/cannabis, signed with Cookies, the Old Pal agreement will leverage 22nd Century’s industry leading formulation, ingredient and manufacturing infrastructure plus the Company’s turn-key sales and distribution platform for alternative consumer products in a c...