XXII - 22nd Century Group Expects to Boost CMO Volumes by More Than 20%

2024-04-05 05:30:07 ET

DENVER, Colo., Apr 05, 2024 ( 247marketnews.com )- 22nd Century Group, Inc. (NASDAQ: XXII ) reported, after yesterday’s market close, that it a signed a new contract manufacturing agreement, for the production of branded conventional cigarette products, which will commence revenue generation in the second quarter of 2024, is expected to increase carton production volumes at 22nd Century’s manufacturing facility by more than 20 percent when fully implemented.

Said Larry Firestone, Chairman and CEO: “We are excited to announce this new contract, the first result of our efforts to profitably grow our contract manufacturing business in North Carolina while also working to build our VLN® franchise through the development of a new category focused on tobacco harm reduction. In line with the operating targets outlined on our most recent results call, this agreement helps us to scale revenue, improve gross margin and achieve our goal of breakeven operations by the first quarter 2025.”

The post 22nd Century Group Expects to Boost CMO Volumes by More Than 20% appeared first on 24/7 MarketNews .

For further details see: