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$XXII - 22nd Century Raises 2017 Revenue Projection to $16Million – Another Record Year

https://finance.yahoo.com/news/22nd-century-raises-2017-revenue-115100441.html

Business WireMay 9, 20171 Comment
CLARENCE, N.Y.--(BUSINESS WIRE)--

22nd Century Group, Inc. (NYSE MKT:XXII), a plant biotechnology company, announced today that the Company’s wholly-owned subsidiary, NASCO Products, recently entered into substantial new manufacturing agreements for the production of filtered cigars and other tobacco products. The products to be manufactured by 22nd Century as a result of these executed new contracts are currently supplied to more than 250 distributors and wholesalers and more than 40,000 retail stores across the United States.

In order to accommodate this sizeable increase in business, 22nd Century has already hired 37 new employees, more than doubling its workforce at the Company’s NASCO factory in Mocksville, North Carolina. When combined with existing business, 22nd Century is raising its 2017 total revenue projection from a previously announced $12,000,000 to more than $16,000,000. In 2018, 22nd Century anticipates total revenues will significantly exceed $20,000,000 and the Company’s factory will be cash flow positive.

“Our manufacturing facility is a vital strategic asset for 22nd Century Group,” explained Henry Sicignano, III, President and Chief Executive Officer at 22nd Century. “The factory enables 22nd Century to develop and manufacture the Company’s SPECTRUM® government research cigarettes, our X-22 smoking cessation cigarettes in development, and 22nd Century’s proprietary MRTP candidates: BRAND A Very Low Nicotine cigarettes, and BRAND B low tar-to-nicotine ratio cigarettes. Now, considering the newly signed contract manufacturing agreements, our NASCO production facility will also contribute positively to 22nd Century’s bottom line.”