$XXII reports Q4 and FY2022 results and expansion plans
Mar 9th 2023, 11:05 am
Analyst Summary: 22nd Century Group, Inc. has reported its financial results for the fourth quarter and full year ended December 31, 2022. The company's CEO, James A. Mish, announced that they have successfully launched several products on a regional or multi-state basis and plan to launch in up to 18 states by year-end, targeting cash-profitable operating results in the second half of 2024. Additionally, the company will become a fully verticalized manufacturing and distribution partner, supporting its industry leadership strategy. Hugh Kinsman, Chief Financial Officer, noted that the company's operating results were significantly affected by the Grass Valley fire, and that with the recent working capital financing, the company will support its capital needs to fund the appropriate raw materials and inventory requirements for acceleration through a debt instrument. The company has provided a cautionary note regarding forward-looking statements in the press release. Overall, the company's performance seems promising, with the launch of new products and a strong balance sheet to support its growth strategy.