22nd century group Inc (NASDAQ: XXII) announced its entry into the global speciality hops market. The announcement made on August 30 marks the company’s third plant franchise. An update letter from James A. Mish, the CEO of the 22nd Century Group, details its plans and opportunities in the market.
22nd Century Group is an intellectual property and plant biotechnology to promote wellness and health through plant science.
Rising demand for organic hops plant
In the investor’s relation section on the corporate website, the company displayed an overview to describe its venture into hops.
In the statement, Mish says that it will open a new division in the Netherlands called 22nd Century Group Europe B.V. This is because the main participants in the hops market are in Europe; thus, many partnerships will be located there.
The hops market provides immense growth for the company. About 95% of hops flowers are used in the brewery industry, with the rest going to pharmaceutical markets, dietary supplements, among others which are on the rise. There is also an increasing demand for craft beers which is also driving the speciality hops market.
The demand for organically grown hop plants is on the rise. This is partly due to the regulation of insecticides and pesticides in Europe because they cause pest resistance traits and new diseases. In addition to this, hops is less regulated than cannabis, thus providing a faster path to success.
Value proportion in the hops market
22nd Century Group plans to use their know-how from cannabis and tobacco plants and the technologies from their partnerships with KeyGene and CannnaMatrix to improve hop breeding.
To ensure success in the international market, they plan to produce Non-GMO products. Non-GMO products are preferred in the majority of the world, while GMO products are banned in others. They will create new hop plants using their existing know-how, molecular breeding, gene-editing, double haploids and other non-GMO technology.
Most hop breeding companies today still use traditional breeding to produce hop plants. This method can take about ten years to provide a new hop variety which is costly and with higher risks. The 22nd Century Group plans to cut this to about two years using their technology.
The company is currently six months into their two-years plant production cycle.
22nd Century Group Inc (NASDAQ: XXII) Announces Entry Into Specialty Hops Market
Post Views: 2 22nd century group Inc (NASDAQ: XXII) announced its entry into the global speciality hops market. The announcement...
American Green Inc (OTCMKTS: ERBB) To Enjoy A Five-Year Cannabis Grow Management Contract Extension With Curaleaf
Post Views: 17 American Green Inc (OTCMKTS: ERBB) has announced its collaboration with Curaleaf’s two cultivation facilities in Arizona. Signing the agreement...
Health Canada Gives Medipharm Labs Corp (OTCMKTS: MEDIF) a Nod to Proceed with its CBD50 Product Phase 2 Study
Post Views: 10 Medipharm Labs Corp (OTCMKTS: MEDIF) applauds Health Canada for giving the nod to McMaster University to continue...
PharmaCielo Ltd (OTCMKTS: PCLOF) Release Q2 2021 Financial Results and Appoint New CEO
Post Views: 4 PharmaCielo Ltd (OTCMKTS: PCLOF) has released its Q2 2021 financial results and announced its Chairman Bill Petron...
AusCann Group Holdings Ltd (OTCMTS: ACNNF) Announces Loss of $8.64 Million in FY2021
Post Views: 5 AusCann Group Holdings Ltd (OTCMTS: ACNNF) has announced its audited financial results for fiscal 2021 ending June...
Emerald Health Therapeutics Inc. (OTCMKTS: EMHTF) Reports 23% YoY Revenue Increase in Q2 2021
Post Views: 5 Emerald Health Therapeutics Inc. (OTCMKTS: EMHTF) has announced its Q2 2021 and 1H 2021 financial results and...