Why 22nd Century Group Stock (XXII) Is Skyrocketing

22nd Century Group Inc XXII shares are trading higher by 45% to $2.15 during Friday’s session after the company signed a new contract manufacturing agreement for the production of branded conventional cigarette products.

The company says this agreement is expected to boost carton production volumes by over 20%, and the agreement will start generating revenue in the second quarter of 2024. Larry Firestone, Chairman and CEO, expressed enthusiasm for the deal, highlighting its role in expanding the company’s contract manufacturing business in North Carolina while advancing its VLN® franchise.

The agreement aligns with the company’s operational targets, aiding revenue scaling, margin improvement, and pursuit of breakeven operations by first-quarter 2025.

See Also: Johnson & Johnson Makes Yet Another Multi-Billion MedTech Deal With Shockwave Medical

How To Buy XXII Stock

Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.

For example, in 22nd Century Group’s case, it is in the Consumer Staples sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.

According to data from Benzinga Pro, XXII has a 52-week high of $180.91 and a 52-week low of $1.45.