WILLIAMSVILLE, N.Y.--(BUSINESS WIRE)--22nd Century Group, Inc. (NYSE American:XXII), a plant biotechnology company focused on tobacco harm reduction and hemp/cannabis research, announced today that the 2018 Farm Bill will greatly enhance the Company’s research activities around low-THC Cannabis sativa L. Earlier today, President Trump signed into law the 2018 Farm Bill, including an important provision to legalize hemp, defined as Cannabis sativa L. containing not more than 0.3% THC (the compound in cannabis responsible for psychotropic effects). Cannabis plants with higher levels of THC (i.e. marijuana) remain illegal under federal law.
As a Research Partner of the State of New York Department of Agriculture and Markets, and with extensive experience in plant biotechnology and genetics, 22nd Century scientists are uniquely capable of exploiting cannabis DNA. The new law will allow 22nd Century to expand the Company’s research activities, to add to the Company’s cannabis intellectual property portfolio, and to increase the Company’s cannabis germplasm library through the legal interstate commerce of proprietary low-THC Cannabis sativa L. plants.
100-years ago, cannabis was a widely-grown agricultural crop. It was used in hundreds of products from animal feed, to products made from the plant’s strong fibers (a classic example is rope), to food items made from oils that are high in polyunsaturated fatty acids like omega-3 and omega-6. “However, the truly exciting developments for modern cannabis-based products are in the medical field,” explained Dr. Paul Rushton, Vice President of Biotechnology at 22nd Century Group. “Cannabis is a treasure trove of bio-active molecules that scientists have only just begun to tap.”
“In ending the legal uncertainty that low-THC cannabis research has entailed, and by opening the door for legal sales of hemp across state lines, the 2018 Farm Bill will result in a vibrant and growing marketplace for 22nd Century’s unique varieties,” Dr. Rushton, explained. “With a sizeable head-start in low-THC Cannabis sativa research in collaboration with the Company’s fully licensed and accredited partners, 22nd Century is poised to take advantage of hemp’s new legal status and to develop and commercialize new hemp/cannabis varieties for the medical and agricultural fields.”
About 22nd Century Group, Inc.
22nd Century is a plant biotechnology company focused on technology which allows the increase or decrease in the level of nicotine in tobacco plants and the level of cannabinoids in hemp/cannabis plants through genetic engineering and plant breeding. The Company’s primary mission in tobacco is to reduce the harm caused by smoking. The Company’s primary mission in hemp/cannabis is to develop proprietary hemp/cannabis strains for important new medicines and agricultural crops. Visit www.xxiicentury.com and www.botanicalgenetics.com for more information.
Cautionary Note Regarding Forward-Looking Statements: This press release contains forward-looking information, including all statements that are not statements of historical fact regarding the intent, belief or current expectations of 22nd Century Group, Inc., its directors or its officers with respect to the contents of this press release, including but not limited to our future revenue expectations. The words “may,” “would,” “will,” “expect,” “estimate,” “anticipate,” “believe,” “intend” and similar expressions and variations thereof are intended to identify forward-looking statements. We cannot guarantee future results, levels of activity or performance. You should not place undue reliance on these forward-looking statements, which speak only as of the date that they were made. These cautionary statements should be considered with any written or oral forward-looking statements that we may issue in the future. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to reflect actual results, later events or circumstances, or to reflect the occurrence of unanticipated events. You should carefully review and consider the various disclosures made by us in our annual report on Form 10-K for the fiscal year ended December 31, 2017, filed on March 7, 2018, including the section entitled “Risk Factors,” and our other reports filed with the U.S. Securities and Exchange Commission which attempt to advise interested parties of the risks and factors that may affect our business, financial condition, results of operation and cash flows. If one or more of these risks or uncertainties materialize, or if the underlying assumptions prove incorrect, our actual results may vary materially from those expected or projected.