XXII stock enjoyed a slight rise on Tuesday after announcing Clifford B. Fleet as the Company's President and CEO. This follows on from 22nd Century Group (NYSE:XXII) hitting a 52-week low last week. Mr. Fleet previously held the position of strategic adviser to the company. Prior to this, he served as the President and Chief Executive Officer of Philip Morris USA, a leading manufacturer of machine-made cigars.
“I am honored to join 22nd Century Group as its President and CEO,” said Mr. Fleet. “I have truly enjoyed working with the Company’s talented Board and executive team over the past several months. The Company’s efforts in tobacco-harm reduction are coming to fruition, and it is extremely well-positioned to expand its leadership position in the emerging and fast-growing industry of hemp/cannabis.”
Mr. Fleet went on to discuss the opportunities currently opening up in the hemp and cannabis space, and how 22nd Century Group can become a leader in such industries, while creating value for XXII shareholders.
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“We are extremely pleased that Cliff has agreed to lead 22nd Century as its President and CEO,” said James W. Cornell, 22nd Century's Director and Chairman of the Board. “The Board has had the pleasure of working closely with Cliff over the past several months, and it is clear that he is the right person to lead the Company forward."
22nd Century Group is a plant biotechnology company and an industry leader in tobacco harm reduction and Very Low Nicotine Content (VLNC) tobacco. XXII stock has now entered the cannabis industry where it will focus on cannabis oil.
The company’s primary mission in the cannabis industry is to develop proprietary hemp and cannabis plants for important new medicines and agricultural crops. The company uses proprietary technology to reduce the level of nicotine in tobacco plants and to modify the level of cannabinoids in hemp and cannabis plants through genetic engineering and modern plant breeding. While this technology is still awaiting FDA approval, XXII stock closed Tuesday, August 6, up 11.19% at $1.59.
What do you think about the new leadership for 22nd Century Group?
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