Business
22nd Century Group (XXII) Reports Second Quarter 2023 Financial Results
Second Quarter 2023 Net Revenues Increased 62% to $23.4 MillionLaunched VLN® Sales in California, Texas and FloridaDelivered Record GVB Ingredient Volumes as
About this update from 22nd Century Group, Inc
[{"type":"text","content":"Second Quarter 2023 Net Revenues Increased 62% to $23.4 MillionLaunched VLN® Sales in California, Texas and FloridaDelivered Record GVB Ingredient Volumes as Dominant Supplier in North AmericaInitiated Operating Cost Reduction Program Targeting $15+ Million in Annualized SavingsUpdated 2023 Revenue Outlook to a Range of $80 Million to $90 Million to Reflect Revised VLN® Rollout Timelines and Transitioning GVB Ingredient Volumes Back to Internal Production BUFFALO, N.Y., Aug. 14, 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 Second quarter ended June 30, 2023, and provided an update on recent business highlights. The Company will host a live audio webcast today at 8:00 a.m. ET. “Our focus in 2023 remains 22nd Century’s transformation from a primary emphasis on research and development to a fully commercial enterprise providing innovative harm reduction and consumer health and wellness products to key end markets. We have now significantly advanced our commercialization plan for VLN® sales across targeted states, 14 of which are now in place and two more states scheduled in September with a new drug store customer, a diversified hemp/cannabis ingredients and distribution business and a robust license and distribution business in both tobacco and hemp/cannabis,” and said John Miller, interim Chief Executive Officer of 22nd Century Group. “Following an initial delay in our commercial plans earlier this year, which are common on retail launches, we have now substantially expanded the availability of our FDA authorized, reduced nicotine content cigarettes VLN®, a tobacco harm reduction product unlike any other. VLN® retail outlets and points of sale increased notably in the second quarter, then more than doubled with the additional stores added in July with our launch at the #1 U.S. c-store chain and others in California, Texas and Florida. New chains continue to launch, such as our first drug store channel placement expected to commence as a five-state launch in September. With this improved reach and density, we have updated and revised our sales planning to focus on maximizing our depth and maintaining the message wit...