22nd Century Group (XXII) 2020年年度报告「NYSE」.pdf

1、ANNUAL ANNUAL ANNUAL REPORT 2020Dear Fellow Shareholders,I would like to express my personal gratitude to all of you for your investment and continued support of 22nd Century Group.Since joining the Company in 2020,I can assure you from fi rst-hand experience that everyone at 22nd Century,including

2、our Board of Directors,leadership team,and employees,are committed to executing on our strategic priorities and building value for our shareholders.It is clear that our dedication has paid off,and since November of 2020,our share price has increased exponentially.We have strengthened our organizatio

3、n and balance sheet while positioning ourselves for success in the near term and for the future.Over the past year,we have made tremendous strides in the two franchises in which we currently operate tobacco and legal hemp/cannabis.In our tobacco franchise,we remain highly confi dent that our Modifi

4、ed Risk Tobacco Product(MRTP)application for VLN,our proprietary reduced nicotine content cigarette,is in the fi nal stages of review with the U.S.Food and Drug Administration(FDA).In addition to our ongoing contact with the FDA,we are working hard with various legal advisers,regulatory consultants,

5、and government aff airs specialists to highlight the public health importance of our MRTP application to encourage near-term authorization.When authorized,22nd Century will be able to communicate key features of VLN King and VLN Menthol King,including a headline claim of“95%less nicotine.”The global

6、 market opportunity for VLN is massive.In 2018,the global tobacco market was worth more than$800 billion with 90%of that being sales of highly addictive,conventional cigarettes.With more than one billion smokers around the world and 34 million smokers in the U.S.,we know that more than two-thirds of