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Mar 31, 2022
22nd Century Group Q1 2022 Earnings Report
Announced first quarter 2022 financial results, highlighted by a 33% increase in net sales year-over-year and the launch of VLN® pilot program in Chicago.
Key Takeaways
22nd Century Group reported a 33% increase in net sales for the first quarter of 2022, reaching $9.0 million. The company launched its VLN® pilot program in Chicago with Circle K and began VLN® shipments to South Korea for its first international launch.
Launched VLN® Pilot Program in Chicago with Circle K as First Retail Trade Partner.
Began VLN® Shipments to South Korea for First International Launch.
FDA’s Proposed Menthol Ban Could Leave VLN® Menthol King as the Only Menthol Cigarette on the Market.
Achieved Breakthrough in Hemp/Cannabis Plant Transformation Technology.
22nd Century Group
22nd Century Group
Forward Guidance
The company is focused on expanding VLN® marketing and distribution, securing regulatory clearances, and pursuing partnerships for VLN® tobacco and IP across multiple countries.
Positive Outlook
- Continuing to explore launch opportunities in additional markets in Asia and Europe with limited regulatory barriers while also leveraging VLN®’s MRTP authorization from FDA toward seeking approval in markets with higher regulatory barriers.
- 22nd Century Group continued its support of FDA’s proposed ban on menthol as a characterizing flavor in conventional nicotine cigarettes.
- FDA’s proposed menthol cigarette ban could leave VLN® Menthol King as the only combustible menthol cigarette on the market, providing a critical off-ramp to help current menthol smokers to smoke less.
- Completing delivery of a purchase order for 3 million additional variable nicotine research cigarettes, including menthol, for use in studies underpinning FDA’s proposed menthol ban and reduced nicotine content proposals.
- Contracted the largest VLN® tobacco planting to date to support expansion in both the U.S. and international markets.