22nd Century Announces First Partner VLN Agreement, New VLN Availability with Smoker Friendly

Core Insights - 22nd Century Group has signed an agreement with Smoker Friendly to launch Smoker Friendly VLN branded reduced nicotine content cigarette products, marking the first VLN partner brand [1][4] - The introduction of these products will include gold and menthol SKUs, expanding the VLN branding in Smoker Friendly outlets [2] - The partnership builds on a customer relationship of over 10 years and aims to advance VLN in the market through a staged rollout pending state approvals [3][4] Financial Overview - As of May 31, 2024, total assets for 22nd Century Group amounted to $23.554 billion, an increase from$23.132 billion in February 2024 [3] - Current assets increased to $19.181 billion from$18.746 billion, with cash and cash equivalents rising to $2.402 billion [3] - Total stockholders' equity reached$16.664 billion, up from $16.279 billion, indicating a positive trend in the company's financial health [3] Company Background - 22nd Century Group is recognized as a pioneering nicotine harm reduction company, focusing on enabling smokers to control their nicotine consumption [7] - The flagship product, VLN® cigarettes, contain 95% less nicotine than traditional cigarettes, providing an alternative for smokers [8][10] - The company operates a facility in Mocksville, North Carolina, capable of producing over 45 million cartons of combustible tobacco products annually [9]