According to news on April 18th, the 22nd Century Group has begun producing a new in-house premium cigarette brand called "Pinnacle" under a new manufacturing agreement. Pinnacle is being sold at a convenience store chain in the United States that operates nearly 1,700 stores across 27 states.
John Miller, the CEO of the tobacco products division of 22nd Century Group, stated in a press release: "We are pleased to introduce a new store brand product and partner with one of the largest convenience store chains in the United States, which is also one of the highest sales volume cigarette sales points per square foot in each store.
The 22nd Century Group has announced the brand name for their new Pinnacle product line, which features their previously-disclosed tobacco formula. Pinnacle is being manufactured at a facility in North Carolina, and has received approval in twenty-two states. Of licensed retailers, nearly half are currently qualified to stock Pinnacle, and availability is expected to increase as production ramps up.
James Mish, CEO of the 22nd Century Group, stated that Pinnacle presents an important opportunity to further increase their revenue and profitability, which will help the company achieve their goal of positive cash flow operations.
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References:
22nd Century has included a private label brand in their offerings.
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