22nd Century Group (NYSE: XXII) shares jumped 9.5% last month without any news. The stock jumped after the “plant biotechnology” firm reported its Q4 earnings but didn’t beat earnings. Its loss per share of $0.05 was worse than the analysts projected loss of $0.03. Interestingly, sales of $7.3 million in the quarter topped analyst’s estimates of $6 million.
The company employs genetic engineering in tweaking cannabinoids and nicotine levels produced by cannabis and tobacco plants. The company is optimistic that the Biden administration shall cap nicotine amounts in combustible cigarettes to non-addictive levels to address smoking addiction. Although this seems to be bad news for tobacco companies, it will benefit the 22nd Century, whose tech will be vital.
22nd Century didn’t offer financial guidance for 2021, but the company is planning to seek FDA approval for its VLN “reduced nicotine content combustible cigarette.” Also, the company expects to target the cannabinoid value chain with new plant liens as the US continues the legalization of marijuana. With this development, the stock is worth watching in the coming months.
CEO and Editor in Chief.
Living in the era of dynamic tech change Asan decided to stay tuned in changes that make any person find comfort and adapt to new devices. Furthermore, gaming became his passion for spending leisure time with his close ones. Although, he has a degree in Business Administration (majoring Finance) writing for technology and as well as finance has been one of the precious aspects of his life