Pharma Stock Up Big After Second Major Announcement This Week

Pharma Stock Up Big After Second Major Announcement This Week

By: Dylan Sikes – News

Wednesday, November 29, 2023

A New York-based pharmaceutical company is stealing the show on Wednesday following a key appointment of a new executive. According to a release this morning, 22nd Century Group Inc. (Nasdaq:XXII) appointed Lawrence Firestone as chairman and CEO. This announcement came just one session after the company announced that it had reached an agreement to sell a portion of its GVB Biopharma hemp/cannabis operations to Specialty Acquisition Corporation.

Traders were bullish this morning as shares of this micro cap quickly rallied up to $0.25/share (+16.28%) at the early session high. 

22nd Century Group Inc is a US-based plant biotechnology company. It focuses on developing technology that allows the increase or decrease in the level of nicotine and other nicotinic alkaloids in tobacco plants and levels of cannabinoids in cannabis plants through genetic engineering and plant breeding. The company is engaged in the research and development of potentially less harmful or modified risk tobacco products and novel tobacco plant varieties. Other business activities of the company include manufacture, marketing, sales, and distribution of SPECTRUM and VLN proprietary cigarettes, contract manufacturing of third-party branded tobacco products, research and development of plant varieties of hemp/cannabis, the sale of branded proprietary tobaccos, and among others.

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