22nd Century Group Inc. Fires Chief Legal Officer

Business by 2FIRSTS.ai

Dec.25.2023

22nd Century Group Inc. Fires Chief Legal Officer

22nd Century Group Inc. has fired its Chief Legal Officer, Peter Ferola, amid ongoing executive restructuring.

In recent days, according to a report from Journalnow, 22nd Century Group Inc. is undergoing a series of top-level restructuring, resulting in the dismissal of the Chief Legal Officer, Peter Ferola.

In a brief statement, the 22nd Century Group announced that Filora has been "immediately terminated". Filora was one of the three executives in the 22nd Century Group who were planned to receive a cash payment to stay with the company.

Filora's employment contract was amended on August 20th, stipulating an annual base salary of $422,000 and a retention bonus of $500,000. The retention bonus will be paid in installments, with the first two installments of $125,000 each to be disbursed on August 24th and October 31st, respectively. The final installment of $250,000 is scheduled to be paid on February 29th.

This company is headquartered in Buffalo, New York, but has significant production operations in Hokesville.

On November 30th, Century 22 Group issued a warning to investors and regulatory authorities, stating that the company may only have enough funds to sustain operations until January 31st. Additionally, the company announced the appointment of Lawrence Firestone as its sixth CEO, either on a full-time or interim basis, since July 2019. Firestone will also assume the position of Chairman of the Board.

References:

[1] 22nd Century Group fires chief legal officer

Also Read:

[1] 22nd Century Group to Sell GVB Biopharma to Nevada Consortium

[2] 22nd Century Group Inc's Stock Drops 12.26%, but Shows Recent Recovery

[3] 22nd Century Group Announces Exercise of Existing Warrants and Fundraising

[4] 22nd Century Group Appoints Lawrence Firestone as Chairman and CEO

#North America #United States #Regulation

We welcome news tips, article submissions, interview requests, or comments on this piece.

Please contact us at info@2firsts.com, or reach out to Alan Zhao, CEO of 2Firsts, on LinkedIn

Notice

1. This article is intended solely for professional research purposes related to industry, technology, and policy. Any references to brands or products are made purely for objective description and do not constitute any form of endorsement, recommendation, or promotion by 2Firsts.

2. The use of nicotine-containing products — including, but not limited to, cigarettes, e-cigarettes, nicotine pouchand heated tobacco products — carries significant health risks. Users are responsible for complying with all applicable laws and regulations in their respective jurisdictions.

3. This article is not intended to serve as the basis for any investment decisions or financial advice. 2Firsts assumes no direct or indirect liability for any inaccuracies or errors in the content.

4. Access to this article is strictly prohibited for individuals below the legal age in their jurisdiction.

Copyright

This article is either an original work created by 2Firsts or a reproduction from third-party sources with proper attribution. All copyrights and usage rights belong to 2Firsts or the original content provider. Unauthorized reproduction, distribution, or any other form of unauthorized use by any individual or organization is strictly prohibited. Violators will be held legally accountable.

For copyright-related inquiries, please contact: info@2firsts.com

AI Assistance Disclaimer

This article may have been enhanced using AI tools to improve translation and editorial efficiency. However, due to technical limitations, inaccuracies may occur. Readers are encouraged to refer to the cited sources for the most accurate information.

We welcome any corrections or feedback. Please contact us at: info@2firsts.com

FDA Rolls Out Online PMTA Platform, a Move That 2Firsts Analysts Say Could Pull Grey-Market Products Toward Formal Compliance

FDA’s launch of a web-based PMTA system signals faster reviews and, 2Firsts experts say, a possible inflection point for the U.S. e-cigarette market’s shift out of the grey zone.

Dec.04

UK Experts Raise Concerns Over High-Dose Nicotine Pouches Amid Rising Sales

According to The Guardian, health experts in the UK are warning about the potential health effects of high-dose nicotine pouches as their sales continue to rise. Recent studies show teenagers reporting nicotine rushes, sickness and fainting, while researchers say packaging and marketing increasingly appeal to younger age groups. Although viewed as less harmful than cigarettes, experts remain concerned about their use among non-smokers, especially adolescents.

Nov.13 by 2FIRSTS.ai

China Tobacco Accelerates Global Cigar Expansion as CTIHK Becomes Unified Export Platform

After decades of dominance by Cuban and non-Cuban cigars, a new contender is emerging from the East. China Tobacco International (HK) has consolidated the country’s top four cigar brands under one global export platform — a move that could redefine how the world perceives “Chinese cigars.”

Nov.11

Special Report | Belarus to centralize vaping market under state supervision

Belarus is preparing to overhaul its vaping market under tight state control — from monopolizing imports to banning online sales and restricting retail licenses. Officials say nearly 77% of the disposable e-cigarette market is supplied illegally, prompting sweeping regulatory measures that have already sparked strong pushback from consumers and vape retailers.