MOCKSVILLE, NC - 22nd Century (NASDAQ:XXII) Group, Inc. (NASDAQ: XXII), a company specializing in tobacco and nicotine harm reduction, disclosed today that John Miller, President of Tobacco, has tendered his resignation, set to take effect on August 2, 2024. The announcement was made by Larry Firestone, the company's Chairman and CEO, who acknowledged Miller's significant contributions, particularly in the successful launch and distribution of the VLN® product line.
Under Miller's leadership, VLN® has secured a retail presence in over 5,000 stores across 26 states. Additionally, Miller has been instrumental in the expansion of the company's contract manufacturing operations (CMO), including the introduction of Pinnacle as a store brand for a leading convenience store chain.
22nd Century Group is recognized for its agricultural biotechnology efforts aimed at reducing the harm caused by nicotine in tobacco products. The company holds multiple patents that enable it to control nicotine biosynthesis in tobacco plants. Its proprietary reduced nicotine content (RNC) tobacco plants and cigarettes align with the FDA's Comprehensive Plan to address the health issues related to smoking.
The company made history in December 2021 by receiving the first and only FDA Modified Risk Tobacco Product (MRTP) authorization for a combustible cigarette. As a subsequent participating manufacturer under the Master Settlement Agreement (MSA), 22nd Century Group operates a vertically integrated production system for both its own products and its CMO, which mainly produces branded filtered cigars and conventional cigarettes.
InvestingPro Insights
As 22nd Century Group, Inc. (NASDAQ: XXII) navigates a period of leadership transition, its financial health and stock performance metrics are key points of interest for investors. According to real-time data from InvestingPro, the company's market capitalization stands at a modest $8.53 million, reflecting the small scale of the firm in comparison to industry giants. The company's performance over the past year has been notably challenging, with a staggering 99.2% decline in the 1-year price total return as of the same date. The price of the stock as of the previous close was $1.23.
In line with the company's recent financial performance, InvestingPro Tips highlight several areas of concern for the company. One tip suggests that 22nd Century Group operates with a significant debt burden, which could be worrisome for investors considering the company's ability to handle its financial obligations. Furthermore, the company may have trouble making interest payments on its debt, indicating potential liquidity issues. On a more positive note, analysts anticipate sales growth in the current year, which could offer a glimmer of hope for the company's future revenue streams.
For investors seeking a more comprehensive analysis, InvestingPro provides additional tips and a deeper dive into the company's financials and stock performance. Currently, there are 19 additional InvestingPro Tips available for 22nd Century Group, which can be accessed by visiting https://www.investing.com/pro/XXII. To enhance the value of their investment research, users can utilize the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking further insights that could inform investment decisions.
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