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News analysis

Weaker demand for hemp and cannabis products impacts 22nd Century’s revenue

Written by || 7th November 2023 || News analysis | Cannabinoids | Cannabis – recreational | CBD | Financial results | Hemp | GeographiesUnited States

US company 22nd Century reported decreased revenues for the third quarter of 2023, blaming demand challenges in its hemp/cannabis product distribution business.

Despite the overall disappointment for the company, hemp/cannabis products still contributed $9.9m – the biggest proportion of the $17.8m it generated in net revenue over the third quarter of 2023. The remainder was brought in by its tobacco business, which made $7.9m. The net $17.8m was a fall compared to the same quarter in 2022, when 22nd Century saw $19.4m in revenue.

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Freddie Dawson

Senior news editor
Freddie studied at King’s College, London and City University and worked for publications including The Times, The Malay Mail, PathfinderBuzz and Solar Summary before joining the CannIntelligence team. He has extensive experience in covering fast-moving consumer goods (FMCG), manufacturing and technological innovation.

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