22nd Century Shares Pop On FDA Marketing Authorization
by Daniel Shvartsman
22nd Century Group Inc (NASDAQ:) shareholders received an early Christmas gift, as the company announced it had received FDA authorization to market its products as modified risk tobacco products.
The company’s shares were up 50% in midday trading on the news. 22nd Century Group is now authorized to market its VLN® King and VLN® Menthol King cigarettes, which it said the FDA deemed, “help reduce exposure to, and consumption of, nicotine for smokers who use them.”
“Having secured this FDA marketing order, we are fully prepared to launch VLN® with select retail and marketing partners in our pilot markets in the U.S. within the next 90 days and in the first of several global markets by the end of the first quarter of 2022,” said CEO James Mish in the press release.
22nd Century Group shares have had an up and down year, rising as much as 150% before pulling back to be flat for the year entering today’s trading and the news. The company has grown revenue 10% year over year for the first 9 months of 2021, and will look to this new authorization as the opportunity to accelerate growth in 2022.