22nd Century Group Inc. (XXII)
22nd Century Group Inc. (XXII) is a biotechnology company focused on developing and commercializing cigarettes, tobacco, and cannabis products with reduced health risks. The company has patented plant science technologies to alter nicotine and THC levels in plants, aiming to create alternatives with lower addiction potential and harm. Their products are primarily marketed toward adult consumers seeking less harmful options.
Company News
22nd Century Group settled a business interruption insurance claim for $9.5 million, becoming debt-free and positioning itself to drive towards profitability in 2026 by focusing on its low-nicotine VLN® cigarette product.
22nd Century Group's stock surged 75.76% in after-hours trading following an announcement of expanded partnerships for its reduced nicotine content tobacco products, despite challenging first-quarter earnings.
22nd Century Group, a tobacco harm reduction company, has partnered with Greenbutts to manufacture biodegradable and water-soluble cigarette filters. The collaboration aims to address the environmental issue of cigarette butt litter.
Philip Morris International, Altria and 22nd Century Group are part of the Zacks Industry Outlook article.
XXII earnings call for the period ending June 30, 2023.