22nd Century Group Inc (NYSEMKT:XXII) shares rose 12.5% on Thursday to $1.20 and were unchanged in after-hours trading. Share prices have been trading in a 52-week trading range of $0.73 to $1.71. The company has a market cap of $107.83 million at 90.70 million shares outstanding.
22nd Century Group Inc is a plant biotechnology company that is focused on technology that allows increasing or decreasing the level of nicotine and other nicotinic alkaloids in tobacco plants, and levels of cannabinoids in cannabis plants through genetic engineering and plant breeding.
It is engaged in various activities, including research and development of less harmful or modified risk tobacco products and tobacco plant varieties; development of X-22, a smoking cessation aid consisting of very low nicotine (VLN) cigarettes; manufacture, marketing and distribution of its RED SUN and MAGIC cigarettes; production of SPECTRUM research cigarettes for the National Institute on Drug Abuse (NIDA); contract manufacturing of third-party branded tobacco products, and research and development of plant varieties of hemp/cannabis, such as plants with low to no amounts of delta-9-tetrahydrocannabinol (THC), plants with high levels of cannabidiol (CBD), and other non-THC cannabinoids.
In a press release, 22nd Century Group Inc announced that representatives of the company’s wholly-owned subsidiary, Botanical Genetics, have been invited to serve as featured speakers and presenters at the annual Colorado Hemp Expo. This will be held at the Ranch Events Complex, 5260 Arena Circle, Loveland, Colorado on Friday, March 31, 2017, and Saturday, April 1, 2017.
We are developing several exciting new strains of medical marijuana as well as industrial hemp varieties with substantially altered levels of cannabinoids – all of which will be below the legal limit of 0.3% THC,” explained Dr. Paul Rushton, Vice President of Plant Biotechnology. “Following our recently announced success with Zero-THC hemp plants and our major collaboration with the University of Virginia, Botanical Genetics is now aggressively expanding our activities in an effort to make our Company a major source of proprietary plants for both the legal medical marijuana and industrial hemp markets. We look forward to exploring exciting business opportunities with like-minded companies in Colorado.”
Along with Thomas James Esq., Vice President & General Counsel, they will provide conference attendees with business and scientific updates and highlights of 22nd Century Group Inc advances in the rapidly evolving legal medical marijuana and industrial hemp markets. This includes Dr. Rushton’s featured speech on Friday evening regarding the 22nd Century Group Inc proprietary cannabis initiatives like their recently announced development of THC-free industrial hemp plants and the propagation of medical marijuana strains that are selected for increased levels of medically-important cannabinoids.
Dr. Rushton will also speak in a panel discussion on Seeds, Clones, Pesticides and Pollen while James will speak on three panel discussions: Investments in Hemp, Global Hemp Activities, and The Future of Hemp. They will also be available for one-on-one discussions.
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