22nd Century Group to Relocate Headquarters to Buffalo’s Thriving Larkinville District
January 28 2021 - 10:00AM
22nd Century Group, Inc. (NYSE American: XXII), a leading
plant-based, biotechnology company that is focused on tobacco harm
reduction, very low nicotine content tobacco, and hemp/cannabis
research, announced today that the Company is moving its corporate
headquarters to the up-and-coming Larkinville District in downtown
Buffalo.
“We have experienced tremendous positive change in our
organization over the past year and this relocation will help us
improve on efficiency, collaboration, and our ability to attract
and retain top talent,” said James A. Mish, chief executive officer
of 22nd Century Group. “We have deep roots in Buffalo, and we are
very excited to be moving to the up-and-coming Larkinville
District, Buffalo’s oldest manufacturing district, to join other
organizations that are revitalizing the city’s tech and business
community.”
22nd Century Group’s new Buffalo office space is in a
state-of-the-art, restored manufacturing facility located at 500
Seneca Street, joining other multinational technology and
professional services companies. The new headquarters will
accommodate all of the Company’s staff from its current office
location in nearby Williamsville and has significant room for
expansion.
The Company believes that authorization of its MRTP application
by the U.S. Food and Drug Administration (FDA), along with its
expected growth in the hemp/cannabis space and a
soon-to-be-announced third franchise, will require an expansion of
resources and space. 22nd Century Group will move to its new
headquarters in March 2021.
About 22nd Century Group’s Modified Risk Tobacco
Application with FDA for VLN® Reduced Nicotine Content
Cigarettes
2021 is expected to be a pivotal year for 22nd Century Group.
The Company’s Modified Risk Tobacco (MRTP) application for its
reduced nicotine content VLN® cigarettes is in review with the FDA.
Featuring 95 percent less nicotine than typical cigarettes, VLN®
will serve as a vanguard for the FDA’s ground-breaking
Comprehensive Plan for Tobacco and Nicotine Regulation. Published
in 2017, the plan aims to set a product standard for cigarettes
that achieves “minimally or non-addictive” levels of nicotine.
Public health researchers project that within the first year of
implementation of the proposed mandate, more than five million
adult smokers will quit smoking and more than eight million
American lives will be saved by the end of the century.
Numerous independent scientific studies funded in large part by
the FDA, the National Institutes of Health (NIH) and other U.S.
federal government agencies using the Company’s reduced nicotine
content tobacco cigarettes studies show conclusively that smokers
who use 22nd Century’s reduced nicotine content tobacco cigarettes
(i) reduce their nicotine exposure and dependence, (ii) smoke fewer
cigarettes per day, (iii) experience reduced withdrawal symptoms,
(iv) increase their number of smoke-free days, and (v) double their
quit attempts – all with minimal or no evidence of nicotine
withdrawal or compensatory smoking.
Within 90 days of receiving authorization from the FDA, the
Company will launch VLN® King and VLN® Menthol King cigarettes in
the U.S. The rollout will be paired with a compelling marketing
campaign to introduce adult smokers to the world’s lowest nicotine
content cigarette. Having the only combustible cigarette with a
modified exposure claim authorized by the FDA could serve as a
catalyst for 22nd Century’s commercial sales as capturing even a
small fraction of U.S. tobacco sales could result in exponential
growth in the Company’s revenues and market capitalization. 22nd
Century Group also intends to make its technology available to
every cigarette manufacturer, so that they can comply with the
proposed FDA nicotine cap and help reduce the harm caused by
smoking.
About 22nd Century Group, Inc.22nd Century
Group, Inc. (NYSE American: XXII) is a leading plant biotechnology
company focused on technologies that alter the level of nicotine in
tobacco plants and the level of cannabinoids in hemp/cannabis
plants through genetic engineering, gene-editing, and modern plant
breeding. 22nd Century’s primary mission in tobacco is to reduce
the harm caused by smoking through the Company’s proprietary
reduced nicotine content tobacco cigarettes – containing 95% less
nicotine than conventional cigarettes. The Company’s primary
mission in hemp/cannabis is to develop and commercialize
proprietary hemp/cannabis plants with valuable cannabinoid profiles
and desirable agronomic traits.
Learn more at xxiicentury.com, on
Twitter @_xxiicentury and on LinkedIn.
Cautionary Note Regarding
Forward-Looking StatementsExcept for historical
information, all of the statements, expectations, and assumptions
contained in this press release are forward-looking statements.
Forward-looking statements typically contain terms such as
“anticipate,” “believe,” “consider,” “continue,” “could,”
“estimate,” “expect,” “explore,” “foresee,” “goal,” “guidance,”
“intend,” “likely,” “may,” “plan,” “potential,” “predict,”
“preliminary,” “probable,” “project,” “promising,” “seek,”
“should,” “will,” “would,” and similar expressions. Actual results
might differ materially from those explicit or implicit in
forward-looking statements. Important factors that could cause
actual results to differ materially are set forth in “Risk Factors”
in the Company’s Annual Report on Form 10-K filed on March 11, 2020
and in its subsequently filed Quarterly Report on Form 10-Q. All
information provided in this release is as of the date hereof, and
the Company assumes no obligation to and does not intend to update
these forward-looking statements, except as required by law.
Investor Relations & Media
Contact:Mei KuoDirector, Communications & Investor
Relations22nd Century Group, Inc.(716)
300-1221mkuo@xxiicentury.com
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