Recently, 22nd Century Group, Inc. (NYSE:XXII) closed its $54 million registered direct common stock offering with institutional investors. Following the United States Food and Drug Administration decision to mandate minimally or non-addictive levels of nicotine in all combustible cigarettes sold in the United States, shares of the company went flying due to the fact that 22nd Century is the only company in the world capable of growing tobacco with nicotine levels of just 0.4mg per gram of tobacco, which is more than a 95% reduction in nicotine as compared to tobacco in conventional cigarettes.
Given the serious level of interest in the company, we wanted to make existing and potential XXII investors aware of the in-depth report issued by Wells Fargo Securities following their meeting with Henry Sicignano III, CEO of 22nd Century Group.
The write-up digs in on the expected FDA timeline for the nicotine reduction mandate, as well as a handful of other noteworthy details that add color to the XXII investment landscape.
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