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22Nd Century Group, Inc. (XXII) SEC Filing 10-Q Quarterly Report for the period ending Thursday, June 30, 2022

22Nd Century Group, Inc.

CIK: 1347858 Ticker: XXII

Exhibit 99.1

22nd Century Group (Nasdaq: XXII) Reports Business Highlights and Financial Results for the First Quarter 2022

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
First Quarter Net Sales $9.0 million, up 33% Year-Over-Year

BUFFALO, N.Y., May 5, 2022 (Globe Newswire)

— 22nd Century Group, Inc. (Nasdaq: XXII), a leading agricultural biotechnology company focused on tobacco harm reduction, reduced nicotine tobacco, and improving health and wellness through modern plant science, today reported results for the first quarter ended March 31, 2022, and provided an update on recent business highlights. The Company will host a live audio webcast today at 10:00 a.m. ET.

James A. Mish, chief executive officer of 22nd Century Group, stated: “We are off to an exciting start with our VLN® reduced nicotine content cigarette pilot launch at more than 150 Chicagoland Circle K stores. The recently proposed menthol cigarette ban by the FDA could leave our VLN® Menthol King reduced nicotine cigarettes as the only menthol cigarette on the market, helping adult menthol smokers find an off-ramp from nicotine addiction. Early sales in our Chicago pilot affirm the importance of this approach, with sales of VLN® Menthol King already selling ahead of non-menthol in pilot stores. We fully anticipate an even more favorable regulatory environment as the FDA continues to advance the Agency’s Comprehensive Plan, which includes requiring all cigarettes to be ‘minimally or non-addictive,’ a standard our VLN® King and VLN® Menthol King cigarettes already meet.

“As part of the pilot launch, we were highlighted in a Chicago Tribune feature story and received support from the Chicago Medical Society, broadening our initial visibility as we work to put this product in front of as many adult smokers as possible. As the first and only cigarettes designed specifically to ‘Help You Smoke Less,’ it is increasingly clear that VLN® has the potential to dramatically change the tobacco marketplace by offering smokers a real choice in how or even if they consume highly addictive nicotine.

“We are particularly excited to partner with Circle K, the second largest convenience store chain in the U.S., as our lead channel partner in bringing these products to market. VLN® is featured prominently in Circle K’s stores where we are testing a variety of point-of-sale marketing materials and promotional programs to build awareness about VLN® and its unique benefits for adult smokers, 70% of whom want to quit smoking.

“As we look to expand VLN® marketing and distribution beyond Chicago, we have already secured regulatory clearances to sell in 9 states and have applications pending in all other U.S. states. Additionally, we are engaged in discussions with a number of national and regional channel partners who recognize the exciting potential of VLN® and want to offer it to their customers.

“We have also commenced our international launch efforts with the first shipment of VLN® to our partner in South Korea, and we continue to pursue additional partnerships and licensing of our VLN® tobacco and IP across multiple countries to fully realize the global potential of VLN®.”

Recent Key Financial and Business Highlights

Tobacco Franchise

Commenced pilot market sales of VLN® King and VLN® Menthol King 95% reduced nicotine content cigarettes, the first and only FDA MRTP (Modified Reduced Tobacco Product) designated combustible cigarettes.
oVLN® is now available at more than 150 Chicago-area Circle K retail stores in a pilot designed to optimize 22nd Century’s marketing programs.
oPositioned VLN® in the premium pricing segment of the cigarette market, with corresponding margins expected as VLN® scales.
oVLN® packaging and advertising prominently display FDA mandated claim “Helps You Smoke Less.”
oAdvanced discussions with potential channel partners to expand the regional and national sales reach of VLN® as the pilot program results become available.
Ahead of its planned national VLN® launch, 22nd Century has secured the regulatory authorizations to sell VLN® in 9 states to date: Illinois, California, New York, Colorado, Texas, Florida, Minnesota, Mississippi and Rhode Island.
oApplications pending in additional states, with responses expected by summer for most states, particularly those undertaking their annual Master Settlement Agreement (MSA) directory reviews in April.
Completed the first shipment of VLN® to South Korea as part of the Company’s international launch program.
oThe South Korean market is an ideal market in which to test VLN®’s global appeal given its strong premium pricing, high smoking rates including one in three adult men, and interest in alternative tobacco products.

The following information was filed by 22Nd Century Group, Inc. (XXII) on Thursday, May 5, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside 22Nd Century Group, Inc.'s 10-Q Quarterly Report:

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Inside this 10-Q Quarterly Report

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Investments And Other Assets - Investment In Panacea Life Sciences, Inc (Details)
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22Nd Century Group, Inc. provided additional information to their SEC Filing as exhibits

Ticker: XXII
CIK: 1347858
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-22-012731
Submitted to the SEC: Tue Aug 09 2022 6:11:53 AM EST
Accepted by the SEC: Tue Aug 09 2022
Period: Thursday, June 30, 2022
Industry: Cigarettes

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