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22nd Century Group Inc (NYSEMKT:XXII) Records Strong Current Cash Balance

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22nd Century Group Inc (NYSEMKT:XXII), a plant biotechnology firm that is focused on cannabis research and tobacco harm reduction released the second quarter 2017 financial report. Although company has not yet obtained revenues from broad commercial sales or licensing of its offering – Very Low Nicotine tobacco, the sales of the conventional offerings continue to grow remarkably.

The highlights

Second quarter results demonstrate that 22nd Century is already recording the benefits of newly signed manufacturing deals. Revenue for the Q2 2017 increased to around $3.9 million, a 37.8% jump over the revenues for the Q2 2016 and the top quarterly revenue in the firm’s history. The company stated that the year-end revenue is expected to surpass $16 million, which will mark a new record for the firm.

In addition to growing revenues, the firm currently has cash of around $17.8 million, the highest figure of cash on hand in the history of the firm. As of now, the company’s cash reserves are adequate to fulfill all regular operating costs through March 2019.

In the last week of July, Scott Gottlieb, M.D., the FDA Commissioner, announced that the FDA was using its right under the Family Smoking Prevention & Tobacco Control Act to order lower nicotine to non-addictive levels in combustible cigarettes available in the U.S. The Washington Post termed FDA’s nicotine mandate as the most vital public-health measure of the century. 22nd Century is the only firm across the globe that is capable of growing tobacco containing non-addictive levels of nicotine.

Dr. Gottlieb further added that he has followed the compelling talks of FDA’s potential to offer cigarettes non-addictive or minimally addictive by controlling nicotine levels. He has noted the science in this segment and consider it holds immense prospects. The concept to which Dr. Gottlieb refers comprises many independent clinical studies utilizing 22nd Century’s SPECTRUM research cigarettes.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of MMJReporter.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure

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