22nd Century Group, Inc. (NYSEAMERICAN:XXII) continues to move up and is trading higher on Monday. The stock has soared 30% over the past 3 weeks.
Market Reaction: Stock Falls Sharply
As of 12:33, XXII stock moved up 4.75% to $4.85 with more than 3.19 million shares, compared to its average volume of 4.32 million shares. The stock has moved within a range of $4.2500 – 4.9000 after opening the trade at $4.38.
Major Trigger:
22nd Century Advances Initiatives to Strengthen and Maximize Revenue Opportunities in Hemp/Cannabis Franchise
Key Highlights:
- announced new initiatives to strengthen and maximize revenue opportunities in its hemp/cannabis franchise. Included in these developments is the announcement of strategic partnerships with two plant breeders in the northern and southern hemispheres providing the Company with year-round growing capabilities, close partnership activities being conducted with Aurora Cannabis, and the establishment of a newly created Canadian subsidiary. These newest developments further support 22nd Century’s plans for multiple avenues of hemp/cannabis revenue that will begin to be realized in late 2021.
- With its breeding partnerships in place, 22nd Century Group has now secured all key partnerships needed to maximize and support each of the five components in the upstream segment of the cannabinoid value chain including: plant profiling (CannaMetrix); plant biotechnology (KeyGene); commercial-scale plant breeding; plant cultivation (Needle Rock Farms and breeder network); and ingredient extraction/purification (Panacea). In doing so, 22nd Century has built a unique ability to accelerate the delivery of valuable, commercial-scale plant lines and intellectual property for the life science, consumer product, and pharmaceutical end-use markets in just two years.
Key Quote from
“The addition of breeders who specialize in alkaloid-based plant cultivation to our network of strategic partnerships provides us with the competitive edge to commercialize our second-generation IP and technologies,” said James A. Mish, chief executive officer of 22nd Century Group.
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