22nd Century Group (XXII) Announces Strategic License, Manufacturing and Distribution Agreement with Old Pal
Ryan Allway
May 2nd, 2023
News, Top News
Second Leading Consumer Hemp/Cannabis Brand Adopts 22nd Century’s Turn-Key Contract Development and Manufacturing Plus Distribution (CDMO+D) Solution
Previously Announced Cookies Agreement Now Targeting More Than 200 Wholesale Distributors
Combined Cumulative Value of New License and Distribution Agreements Executed to Date Expected to Exceed $140 Million Over Contract Terms
BUFFALO, N.Y., May 02, 2023 (GLOBE NEWSWIRE) — 22nd Century Group, Inc. (Nasdaq: XXII), a leading biotechnology company dedicated to improving health with reduced nicotine tobacco, hemp/cannabis and hops advanced plant technologies, today announced its second exclusive license, manufacturing and distribution agreement (the “Agreement”) in the hemp/cannabis industry, signed with Old Pal, LLC, a widely recognized consumer hemp/cannabis company started in California and now operating in eight states.
“Old Pal is the second leading consumer hemp/cannabis brand to adopt 22nd Century’s innovative strategic license, manufacturing and distribution agreement. This model enables brands to focus on product development, customer engagement and marketing while we provide expansive access to mass market channels urgently seeking new, high-margin, high-velocity products to meet growing consumer demand,” said James A. Mish, Chief Executive Officer of 22nd Century.
Initially launched in California in 2018, Old Pal quickly gained recognition for its nostalgic branding. Today, the brand has expanded its reach and struck a chord with millions of daily consumers by paying homage to a simpler era, where hemp/cannabis was uncomplicated, neighbors knew each other by name, and the sense of community was significant. In addition, Old Pal’s continuously growing line of apparel, accessories, and home goods has firmly established it as a prominent cultural figure in the world of cannabis.
The exclusive license with 22nd Century covers Old Pal branded non-Delta-9 THC, hemp derived cannabinoid consumer products and accessories. Similar to 22nd Century’s first single-source integrated production, sales and distribution agreement in hemp/cannabis, signed with Cookies, the Old Pal agreement will leverage 22nd Century’s industry leading formulation, ingredient and manufacturing infrastructure plus the Company’s turn-key sales and distribution platform for alternative consumer products in a complete go-to-market solution.
Combined, the Company estimates that its agreements with Cookies and Old Pal represent more than $140 million in revenue opportunity with very attractive margins over the terms of the contracts. 22nd Century is now advancing its initial mass market retail efforts for these products across the United States, leveraging a network of more than 200 wholesale distributors. The Company continues to pursue additional exclusive license opportunities with industry brands interested in its innovative integrated solution.
About 22nd Century Group, Inc.
22nd Century Group, Inc. (Nasdaq: XXII) is a leading biotechnology company focused on utilizing advanced alkaloid plant technologies to improve health and wellness through tobacco harm reduction, reduced nicotine tobacco, hemp/cannabis and hops. With dozens of patents allowing it to control nicotine biosynthesis in the tobacco plant, the Company has developed proprietary reduced nicotine content (RNC) tobacco plants and cigarettes, which have become the cornerstone of the FDA’s Comprehensive Plan to address the widespread death and disease caused by smoking. The Company received the first and only FDA Modified Risk Tobacco Product (MRTP) authorization of a combustible cigarette in December 2021. In tobacco, hemp/cannabis and hop plants, 22nd Century uses modern plant breeding technologies, including genetic engineering, gene-editing, and molecular breeding to deliver solutions for the life science and consumer products industries by creating new, proprietary plants with optimized alkaloid and flavonoid profiles as well as improved yields and valuable agronomic traits.
Learn more at xxiicentury.com, on Twitter, on LinkedIn, and on YouTube.
Learn more about VLN® at tryvln.com.
Cautionary Note Regarding Forward-Looking Statements
Except for historical information, all of the statements, expectations, and assumptions contained in this press release are forward-looking statements. Forward-looking statements typically contain terms such as “anticipate,” “believe,” “consider,” “continue,” “could,” “estimate,” “expect,” “explore,” “foresee,” “goal,” “guidance,” “intend,” “likely,” “may,” “plan,” “potential,” “predict,” “preliminary,” “probable,” “project,” “promising,” “seek,” “should,” “will,” “would,” and similar expressions. Actual results might differ materially from those explicit or implicit in forward-looking statements. Important factors that could cause actual results to differ materially are set forth in “Risk Factors” in the Company’s Annual Report on Form 10-K filed on March 9, 2023. All information provided in this release is as of the date hereof, and the Company assumes no obligation to and does not intend to update these forward-looking statements, except as required by law.
Investor Relations & Media Contact
Matt Kreps
22nd Century Group, Inc.
Investor Relations
mkreps@xxiicentury.com
214-597-8200
This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.
About Ryan Allway
Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.
Search CannabisFN
Press Coverage
Psychedelics Index
Top Videos
Matthew Nordgren is an ambitious executive, dedicated philanthropist, and accomplished athlete who brings a unique passion to creating strategic alliances. He has breadth and depth of experience in finance, corporate development, and capital sourcing, as well as in building highly motivated teams of skilled professionals. In 2005, Mr. Nordgren received his education at the University […]
Tom Zuber is Zuber Lawler & Del Duca’s Managing Partner. He has a degree with highest honors in biomedical engineering and has advised some of the most iconic companies in the world on their patent and trademark portfolios. He is at the cutting edge of cannabis patent and trademark law. He holds degrees from Harvard University and Columbia Law […]
Xtraction Services provides state-of-the-art, fully-automated, supercritical CO2 extraction machines with on-site staffing at no upfront cost, and a simple volume-based pricing model.
Network Partners
About CFN Media Group
CFN Enterprises Inc. (OTCQB: CNFN) owns and operates CFN Media Group, the premier agency and financial media network reaching executives, entrepreneurs and consumers worldwide. Through its proprietary content creation, video library, and distribution via www.CannabisFN.com, CFN has built an extensive database of cannabis interest, assisting many of the world’s largest cannabis firms and CBD brands to build awareness and thrive. For more information, please visit www.cfnenterprisesinc.com.
Disclaimer: Matters discussed on this website contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. CFN Media Group, which owns CannabisFN, is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. CFN Media Group, which owns CannabisFN, may from time-to-time have a position in the securities mentioned herein and will increase or decrease such positions without notice. The Information contains forward-looking statements, i.e. statements or discussions that constitute predictions, expectations, beliefs, plans, estimates, or projections as indicated by such words as "expects", "will", "anticipates", and "estimates"; therefore, you should proceed with extreme caution in relying upon such statements and conduct a full investigation of the Information and the Profiled Issuer as well as any such forward-looking statements. Any forward looking statements we make in the Information are limited to the time period in which they are made, and we do not undertake to update forward looking statements that may change at any time; The Information is presented only as a brief "snapshot" of the Profiled Issuer and should only be used, at most, and if at all, as a starting point for you to conduct a thorough investigation of the Profiled Issuer and its securities and to consult your financial, legal or other adviser(s) and avail yourself of the filings and information that may be accessed at www.sec.gov, www.pinksheets.com, www.otcmarkets.com or other electronic sources, including: (a) reviewing SEC periodic reports (Forms 10-Q and 10-K), reports of material events (Form 8-K), insider reports (Forms 3, 4, 5 and Schedule 13D); (b) reviewing Information and Disclosure Statements and unaudited financial reports filed with the Pink Sheets or www.otcmarkets.com; (c) obtaining and reviewing publicly available information contained in commonlyknown search engines such as Google; and (d) consulting investment guides at www.sec.gov and www.finra.com. You should always be cognizant that the Profiled Issuers may not be current in their reporting obligations with the SEC and OTCMarkets and/or have negative signs at www.otcmarkets.com (See section below titled "Risks Related to the Profiled Issuers, which provides additional information pertaining thereto). For making specific investment decisions, readers should seek their own advice and that of their own professional advisers. CFN Media Group, which owns CannabisFN, may be compensated for its Services in the form of cash-based and/or equity-based compensation in the companies it writes about, or a combination of the two. For full disclosure, please visit: https://www.cannabisfn.com/legal-disclaimer/. A short time after we acquire the securities of the foregoing company, we may publish the (favorable) information about the issuer referenced above advising others, including you, to purchase; and while doing so, we may sell the securities we acquired. In addition, a third-party shareholder compensating us may sell his or her shares of the issuer while we are publishing favorable information about the issuer. Except for the historical information presented herein, matters discussed in this article contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. CFN Media Group, which owns CannabisFN, is not registered with any financial or securities regulatory authority, and does not provide nor claims to provide investment advice or recommendations to readers of this release. CFN Media Group, which owns CannabisFN, may from time to time have a position in the securities mentioned herein and will increase or decrease such positions without notice. For making specific investment decisions, readers should seek their own advice and that of their own professional advisers. CFN Media Group, which owns CannabisFN, may be compensated for its Services in the form of cash-based and/or equity- based compensation in the companies it writes about, or a combination of the two. For full disclosure please visit: https://www.cannabisfn.com/legal-disclaimer/.
Copyright © Accelerize Inc. · All Rights Reserved · Privacy Policy · Legal Disclaimer
