Tiny Biotech's Tobacco Tinkering Makes It a Rare Winner
- 22nd Century has created tobacco with 97 percent less nicotine
- FDA said it wants to lower nicotine levels in cigarettes
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An obscure biotechnology company in western New York with about 80 employees suddenly saw its popularity rise last week after the tobacco industry was shocked by an announcement the federal government was exploring lowering nicotine levels in cigarettes.
That’s because tiny 22nd Century Group Inc. has something that’s suddenly in high demand -- it grows tobacco plants with just 3 percent of the nicotine in typical tobacco plans. As stocks of cigarette giants plunged over the past week, 22nd Century’s shares are up 70 percent. On Friday, they gained 25 percent -- the biggest one-day increase since March 2015.