According to a statement on the official website of the 22nd Century Group, the company has expanded its Pinnacle brand private label product line to include cigar production. Currently, Pinnacle products are sold as a private label brand in major gas station convenience store chains in the United States, with approximately 1700 stores across 26 states.
According to a statement from the 22nd Century Group, as the private label contract with this top retail customer enters its second year, the re-order volume for Pinnacle cigarette products is experiencing sustained, consecutive growth. This customer has achieved significant growth in its tobacco sales by gaining market share through providing value to customers.
Larry Firestone, Chairman and CEO of 22nd Century Group, stated in a declaration:
We are excited about the potential for growth in sales of these private label cigarette products in the largest convenience store in the United States, expanding our Pinnacle brand’s cigar product line.
He added, "Agreements like this help us further increase our business revenue and profitability, moving us closer towards our goal of achieving a break-even in the first quarter of 2025."
In addition, the cigar expansion agreement is separate from the recently announced new contract with the customer manufacturing organization (CMO), which is expected to increase the production volume of 22nd Century Group's contract manufacturing organization by at least 20%, starting in the second quarter.
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