22nd century group (xxii) reports fourth quarter 2023 financial results

Mocksville, north carolina--(newsfile corp. - march 28, 2024) - 22nd century group, inc. (nasdaq: xxii), a tobacco products company focused on nicotine harm reduction, today reported results for the fourth quarter ended december 31, 2023, and provided an update on recent business highlights. fourth quarter results and recent business activities included: net revenue from continuing operations in the fourth quarter of 2023 was $7.4 million, exited hemp/cannabis operations to fully focus on tobacco harm reduction and contract manufacturing activities, substantially reduced operating costs through efficiency initiatives and the hemp/cannabis business sale, began new initiatives to increase sales, improve gross margin and increase operating profit in 2024, and commenced developing new customer engagement strategies to drive additional sales growth in the fda authorized vln® products available in more than 5,100 stores across 26 states.
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