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22nd Century Group Inc (NYSEAMERICAN:XXII) Files 2018 First Quarter Report

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22nd Century Group Inc (NYSEAMERICAN:XXII) has announced its financial results for the first quarter of 2018 and issued a number of updates.

The company presented the results from a survey conducted on its behalf by The Harris Poll at the 2018 Annual Meeting of the Society for Research on Nicotine and Tobacco (“SRNT”). The survey included 6,000 adults aged 18and above from the United States, Japan, Australia, the United Kingdom and Canada. The survey was conducted just two months before the U.S. Food and Drug Administration (“FDA”) revealed plans to initiate drastic plans for the reduction of nicotine in cigarettes that are consumed in the US. The survey found that 3 in every 4 adults agree that governments in the covered territories should institute a reduction in nicotine to non-addictive levels.

On March 19, 2018, the FDA published the Federal Register an Advance Notice of Proposed Rulemaking (“ANPRM”). This is the very first step in the process of setting up a product standard that defines the maximum level of nicotine for all the cigarettes sold and consumed in the United States. As an important step in the process of ensuring that there is lower nicotine in cigarettes, the ANPRM gives all the details which support the proposed nicotine reduction mandate by the FDA.

A research recently conducted by ANPRM references recommended that 0.4 to 0.5 mg of nicotine per cigarette is enough to limit or prevent addiction in many young people. Additionally, the study recommended results from a clinical trial conducted by Dr. Eric Donny, et al. and which was published in the October 2015 edition of The New England Journal of Medicine. The trial concluded that candidates which used cigarettes with the lowest amount of nicotine showed exhibited reduced dependence and didn’t experience withdrawal effects. The candidates did not also show any health concerns.

22nd Century says that it has provided all the proprietary Very Low Nicotine cigarettes that were used in Dr. Eric Donny’s trial and several other independent clinical trials.

The company reported $6,116,000 in net sales in the first quarter of 20018, which is an increase of 3,885,000, or 174.1% from the $2,231,000 that was reported during the same period in 2017. The company’s operating loss during the first quarter of 2018 amounted to $4,969,000, an increase from the $2,970,000 that was reported in the first quarter of 2017.

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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