22nd Century Group (XXII) Provides Shareholder Update, Highlights Insider Stock Purchases

22nd Century Group, Inc. (NASDAQ: XXII) today provided a shareholder update.

"I am pleased with the progress of the company since assuming my role as Chairman and Chief Executive Officer at the start of December," stated Larry Firestone, Chairman and Chief Executive Officer of 22nd Century. "We have moved quickly to streamline our tobacco operations and finalize the cost reduction initiatives that commenced in the third quarter of 2023. Our focus is extending our cash runway to become a self-sustaining business positioned to generate long term growth. The sale of our GVB business and shift from hemp/cannabis has substantially reduced our forward operating cash requirements and enabled us to now fully focus the Company's resources on our unique tobacco assets where we are evolving our strategy. I believe these actions represent the path for the company as we move forward."

Mr. Firestone will address the progress and upcoming milestones for the Company on an analyst hosted fireside chat webcast on Wednesday, January 17, 2024 beginning at 1:00 p.m. Eastern Time. A webcast link to join the live webcast or a replay after the event will be available on the investor relations section of the 22nd Century Group website, at https://ir.xxiicentury.com, under "Events and Presentations."

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