Here is why 22nd Century Group Inc. (XXII) stock skyrocketed on Thursday?

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DBGI Stock
DBGI Stock

22nd Century Group Inc. (XXII) shares surged 6.23% in after-hours on Thursday, December 23, 2021, and closed at $3.24. Even in the regular trading session of Thursday, XXII’s stock soared 38.64%. XXII shares have risen 32.03% over the last 12 months, and they have moved up 33.77% in the past week. Over the past three months, the stock has gained 2.69%, while over the past six months, it has plunged 36.06%.

Let’s have a brief look at its recent news and developments.


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FDA authorized XXII products as MRTPs

On December 23, 2021, the U.S. Food and Drug Administration (FDA) authorized the marketing of 22nd Century Group, Inc. (XXII) VLN® King and VLN® Menthol King reduced nicotine content cigarettes as modified risk tobacco products (MRTPs).

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FDA found that VLN can help reduce exposure to, and consumption of, nicotine for smokers who use them, because its tastes, and smells like a conventional cigarette but contains 95% less nicotine than conventional, highly addictive cigarettes.

XXII Biosynthesis license to Cronos Group

On December 14, 2021, 22nd Century Group, Inc. (XXII) and Aurora Cannabis Inc. (ACB) together announced a three-way non-exclusive agreement to license biosynthesis intellectual property to Cronos Group Inc. (CRON) intended to assist in the advancement of research and development on the biosynthesis of cannabinoids.

Biosynthesis is a process to convert simple substances into complex compounds, using living micro-organisms. Through this process, cannabinoids, particularly those that are rare such as cannabigerol (CBG), cannabichromene (CBC), and cannabinol (CBN), are expected to be produced efficiently and reliably at high levels of purity.

XXII new CFO

On November 15, 2021, 22nd Century Group, Inc. (XXII), appointed Richard Fitzgerald as Chief Financial Officer. John Franzino. The Company’s previous Chief Financial Officer has been promoted to Chief Administrative Officer, where he will be responsible for further developing the company’s business processes and leading the Company’s financial planning and analysis, operational finance, human resources, and information technology functions.

XXII latest financial results

On November 04, 2021, 22nd Century Group, Inc. (XXII), announced its financial results for the third quarter ended September 30, 2021.

Q3 2021 financial highlights

  • XXII net sales were $7.8 million in Q3 2021 compared to $7.3 million in the prior-year period.
  • In Q3 2021, gross profit was $449 thousand compared to $362 thousand in Q3 2020.
  • Total operating expenses for the third quarter of 2021 were $8.08 million compared to $4.40 million in Q3 2020.
  • It suffered a net loss of $9.4 million or a net loss per share of $0.06 in Q3 2021 compared to a net loss of $4.2 million or $0.03 per share in Q3 2020.
  • As of September 30, 2021, the company had a cash position of $55.2 million.

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Conclusion

22nd Century Group stock rallied on Thursday after the important FDA approval for its products. we can expect it to further surge after the long weekend.

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