22nd Century Group Obtains Cigarette Distribution Licenses in New York State
June 15 2015 - 11:15AM
Business Wire
RED SUN Approval Secured in All 50
States
22nd Century Group, Inc. (NYSE MKT:XXII), a leader in tobacco
harm reduction, announced today that its wholly-owned subsidiary,
Goodrich Tobacco Company, LLC, has been granted both a New York
State Cigarette Stamping Agent license and a New York State
Wholesale Cigarette Dealer license. With these licenses, the
Company gains the ability to distribute its RED SUN cigarettes
across New York State without the need to use a middle-man
distributor.
In addition, 22nd Century has secured approval for RED SUN to be
sold in all 50 states plus the District of Columbia. Few of the
nation’s small, independent cigarette makers – commonly referred to
as “microsmokes” – can claim to have such complete coverage.
Gaining nationwide approval is especially impressive given that it
has been only 10 months since 22nd Century became the first company
in more than six years to be approved as a new signatory to the
Master Settlement Agreement between the tobacco industry and the 46
Settling States (as a result of the Company’s strategic acquisition
of NASCO Products, LLC).
“The New York State Stamping Agent and Wholesale Dealer licenses
give us the flexibility to supply New York retail stores directly,”
said Karen Delaney, 22nd Century Group’s Tax Compliance Manager.
“Though we consider our relationships with other New York
distributors very important, by securing our own licenses in New
York, we gain control over distribution of our products in a key
strategic region for our Company.”
The acquisition of licenses and state directory listings
highlights the rapid expansion of RED SUN availability across the
United States. After launching RED SUN in January 2015, 22nd
Century has grown its retail store count to well over 300,
including hundreds of stores specifically listed on its
www.redsuncigarettes.com website. Retail stores in the Portland,
Oregon region – a part of the Rich & Rhine distribution network
– are also coming online quickly and should increase the store
count to more than 500. Other distributors, currently ramping up
stock and training their sales representatives, could double the
RED SUN store count to more than 1,000 retail locations by the end
of the third quarter.
“Securing approval for RED SUN in all 50 states is an important
milestone for the Company,” remarked Henry Sicignano III, President
and Chief Executive Officer. “I am extremely pleased with the rapid
growth of our retail network and look forward to achieving 1,000
RED SUN retail stores very soon.”
About 22nd Century Group, Inc.
22nd Century Group is a plant biotechnology company focused on
technology which allows it to increase or decrease the level of
nicotine in tobacco plants through genetic engineering and plant
breeding. The Company’s mission is to reduce the harm caused by
smoking. 22nd Century owns or exclusively controls 128 issued
patents and 52 pending patent applications in 96 countries. The
Company’s strong IP position led to a licensing agreement with
British American Tobacco (“BAT”), the world’s second largest
tobacco company. Visit www.xxiicentury.com for more
information.
Cautionary Note Regarding Forward-Looking Statements: This press
release contains forward-looking information, including all
statements that are not statements of historical fact regarding the
intent, belief or current expectations of 22nd Century Group, Inc.,
its directors or its officers with respect to the contents of this
press release. The words “may,” “would,” “will,” “expect,”
“estimate,” “anticipate,” “believe,” “intend” and similar
expressions and variations thereof are intended to identify
forward-looking statements. We cannot guarantee future results,
levels of activity or performance. You should not place undue
reliance on these forward-looking statements, which speak only as
of the date that they were made. These cautionary statements should
be considered with any written or oral forward-looking statements
that we may issue in the future. Except as required by applicable
law, including the securities laws of the United States, we do not
intend to update any of the forward-looking statements to conform
these statements to reflect actual results, later events or
circumstances, or to reflect the occurrence of unanticipated
events. You should carefully review and consider the various
disclosures made by us in our annual report on Form 10-K for the
year ended December 31, 2014, filed on February 6, 2015, including
the section entitled “Risk Factors,” and our other reports filed
with the U.S. Securities and Exchange Commission which attempt to
advise interested parties of the risks and factors that may affect
our business, financial condition, results of operation and cash
flows. If one or more of these risks or uncertainties materialize,
or if the underlying assumptions prove incorrect, our actual
results may vary materially from those expected or projected.
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version on businesswire.com: http://www.businesswire.com/news/home/20150615005988/en/
Investor Relations:IRTH CommunicationsAndrew Haag,
866-976-4784xxii@irthcommunications.comorRedington, Inc.Tom
Redington, 203-222-7399
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