The 22nd Century Group Inc. (XXII) stock is rising on the charts today, up as high as 11.90% to trade at $3.95 in premarket trading. A share of XXII stock rose 0.28% on Friday to close at $3.53. On the day, 1.54 million shares of XXII were traded, which is less than the average volume over the last three months of 2.61 million. The XXII stock fluctuated between $3.40 and $3.61 during the trading session. Earnings per share for the company were -0.15.
The XXII stock gained 9.97% in the previous five sessions and declined by -6.86% over the past month, but is up 60.45% year to date. At $4.02, the 50-day moving average of XXII stock exceeds its 200-day moving average of $3.10. Additionally, XXII’s RSI stands at 50.74. XXII stock is gaining traction in the premarket session as the stock is set to be listed next week on NASDAQ.
Why is XXII eyeing NASDAQ?
22nd Century Group is a leading plant biotechnology company that uses genetic engineering, gene editing, and modern plant breeding techniques to alter nicotine levels in tobacco plants and cannabinoids levels in hemp/cannabis plants. By producing cigarettes with reduced nicotine content (RNC), XXII aims to reduce the harm caused by smoking.
Its cigarettes contain 95% less nicotine than conventional cigarettes. The primary mission of XXII in hemp/cannabis development and commercialization is to discover and develop hemp/cannabis plants with highly desirable cannabinoid profiles and agronomic traits.
As of the open of the market on August 16, 2021, 22nd Century Group’s common stock will be listed on the Nasdaq Capital Market, announced XXII last week. With the Nasdaq listing, XXII can align with other science-driven, growth-oriented, high-achieving, innovative, and global companies. The ticker symbol “XXII” will remain the same.
At this time when the hemp/cannabis industry is evolving toward mass production, XXII believes its membership on the Nasdaq will enhance its visibility to a wide audience of institutional investors and provide a better investment experience for hemp/cannabis investors.
Other significant achievements:
An influential tobacco industry partner has recently reached an agreement with 22nd Century Group (XXII) to export cigarettes to countries beyond the United States. The company will increase staff at its tobacco manufacturing plant in North Carolina, as well as install new equipment at the facility to increase efficiencies.
How this will help XXII Stock?
Such investments will help Century Group (XXII) to maximize margins and improve efficiencies. As XXII prepares to launch its VLN reduced RNC cigarettes, it will leverage this new relationship in addition to others to set up additional distribution channels through its contract manufacturing operations (CMO).
