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Palm Beach, Fla., Sept. 22, 2022 /PRNewswire/ -- The Alternative Tobacco products market has been growing in recent years and is projected to continue to grow in the years to come at a substantially increasing pace. Alternative tobacco products, including heated tobacco and nicotine pouches, have taken a share of the total value of worldwide retail sales from combustibles over the past three years, with the combustible cigarette segment declining by 5%. And although conventional cigarettes unsurprisingly remain the dominant tobacco product category, continued interest and investment in alternatives means they are predicted to continue to eat into conventional combustibles' share of the market – as evidenced in recent results. 2020 data published by the Philip Morris International (PMI)-funded Foundation for a Smoke-Free World in its recently released Global Trends in Nicotine report found that vaping and heated tobacco products have shares of 2.5% and 2.4% respectively. Another market assessment report from INSIGHT ACE Analytic on "Global Next-Generation Tobacco Product Market – By Trends, Industry Competition Analysis, Company Profiles, Revenue and Forecast Till 2030." Says that the global next-generation tobacco product market size is valued at US$ 24.83 Billion in 2021, and it is expected to reach US$ 67.38 Billion in 2030, recording a promising CAGR of 11.8% during the forecast period of 2022-2030." Active companies in the markets this week include: TAAT® GLOBAL ALTERNATIVES INC. (OTCQX: TOBAF) (CSE: TAAT), Hempacco Co., Inc. (NASDAQ: HPCO), 22nd Century Group, Inc. (NASDAQ: XXII), Turning Point Brands, Inc. (NYSE: TPB), Altria Group, Inc. (NYSE: MO).
The article continued: "Nicotine is the key active ingredient in tobacco products that hold-ups individuals to tobacco addiction. According to the World Health Organization (WHO), more than 8 million people die from tobacco use every year. As a solution to this, manufacturers of tobacco products have been launching novel products to reduce the risk of tobacco-related diseases. For instance, in May 2019, Philip Morris announced the launch of IQOS. The product has been marketed as an alternative to cigarettes. This electronic device heats paper-wrapped tobacco-filled sticks and, as a result, generates nicotine-containing aerosol. The increasing investments by major players to develop promising next-generation tobacco products are anticipated to fuel market growth over the forecast period. Furthermore, spreading awareness regarding health hazards associated with tobacco smoking will help to drive tobacco or cigarette addicts toward using next-generation tobacco products."
TAAT® GLOBAL ALTERNATIVES INC. (OTCQX: TOBAF) (CSE: TAAT) BREAKING NEWS: TAAT® Announces Fiscal Third Quarter 2022 Results Anchored by Over CAD $17.4 Million in Revenue - TAAT® GLOBAL ALTERNATIVES INC. (FRANKFURT: 2TP) (the "Company" or "TAAT®") announced its financial results for the three-month period ended July 31, 2022, its Fiscal Third Quarter of 2022 (referred to herein as "FQ3 2022"). A selection of highlights from the Company's FQ3 2022 mandated filings is provided below. All monetary figures reported herein are in Canadian dollars unless specified otherwise.
TAAT® Fiscal Third Quarter 2022 Highlights
Complete disclosure of TAAT®'s FQ3 2022 performance including financial results and Management Discussion and Analysis ("MD&A") can be found on the Company's profile on SEDAR ( http://www.sedar.com ).
TAAT® Chief Executive Officer Michael Saxon commented, "I am very pleased with our results for FQ3 2022, as they reflect the many steps we have taken to fortify the financial landscape of the Company as an integrated innovator, manufacturer, and distributor of tobacco alternatives, legacy convenience offerings, and other emerging product categories. We continue to strategically commercialize TAAT® as a category-creator, which is now sold in thousands of stores between our U.S. and U.K. footprints, including placements in major convenience and gas chains. Together with our CFO Joel Dumaresq, we will be hosting the TAAT® FQ3 2022 earnings call at 4:30 pm (Eastern) on Wednesday, September 21, 2022, and we look forward to providing further details as well as answering questions from our investors." CONTINUED… Read this full release and more news for TAAT® GLOBAL ALTERNATIVES at: https://www.financialnewsmedia.com/news-taat/ Other recent developments in the tobacco/alternative smoking industries include:
Hempacco Co., Inc. (NASDAQ: HPCO), a vertically integrated hemp manufacturing company, recently showcased its hemp cigarettes, CBD cigarettes, and rolling paper products at InterTabac, the world's leading trade fair for tobacco products and smokers' supplies, taking place September 15-17 at Messe Westfalenhallen Dortmund in Dortmund, Germany. Hempacco held private meetings with interested distributors, retailers, wholesalers, and buyers during the event.
"We (enjoyed) meeting with potential distributors and retailers at InterTabac, Europe's largest tobacco trade show," commented Piancone. "The cigarette market in Europe is expected to reach an estimated $360 billion by 2026, up from just over $200 billion in 2018, according to Forbes. We believe our growing portfolio of hemp products provide a tremendous alternative to tobacco and look forward to gaining further traction in Europe as we continue to expand our mission of Disrupting Tobacco™ around the world."
22nd Century Group, Inc. (NASDAQ: XXII) a leading agricultural biotechnology company dedicated to improving health with reduced nicotine tobacco, hemp/cannabis, and hops advanced plant technologies, recently announced that it is engaged to power President Biden's plan to reduce the death rate from cancer by at least 50% over the next 25 years. The Company's VLN®King and VLN® Menthol King 95% reduced nicotine content cigarettes are the first and only combustible cigarette designed specifically to "Help You Smoke Less", which the U.S. Food and Drug Administration (FDA) requires to be printed right on the packaging. 22nd Century is expanding VLN® points of sale in Chicago and the State of Illinois after seeing exceptional pilot results in Chicagoland. Distribution will begin in September through various channels via retail and distribution partnerships.
Under Biden's initiative, the FDA has taken aggressive actions aimed at curtailing smoking, in particular the Agency's pursuit to limit the amount of nicotine and ban menthol-flavored cigarettes. Every year, nearly 500,000 Americans die from smoking-related diseases. Smoking is the leading cause of cancer deaths, with more than 160,000 people perishing every year from cancers directly attributed to tobacco. Although nicotine itself is not the direct cause of most smoking-related diseases, addiction to nicotine in tobacco is the proximate cause of smoking related diseases including cancer. Thus, the magnitude of public health harm that is caused by tobacco is inextricably linked to its addictive nature.
Turning Point Brands, Inc. (NYSE: TPB), a manufacturer, marketer and distributor of branded consumer products, including alternative smoking accessories and consumables with active ingredients, recently announced financial results for the second quarter ended June 30, 2022.
Q2 2022 vs. Q2 2021 Was: Net sales decreased 16.1 percent to $102.9 million; Gross profit decreased 14.2 percent to $51.5 million; Net income decreased 64.7 percent to $5.4 million; Adjusted EBITDA decreased 17.6 percent to $24.7 million (see Schedule A for a reconciliation to net income); and Diluted EPS of $0.30 and Adjusted Diluted EPS of $0.70 as compared to $0.73 and $0.84 in the same period one year ago, respectively.
Altria Group, Inc. (NYSE: MO) recently announced that a jury in the U.S. District Court for the Middle District of North Carolina found that Reynolds Vapor Company's ("Reynolds Vapor") Vuse Alto e-vapor product infringed three patents owned by Altria Client Services. In deciding in favor of Altria, the jury awarded $95,233,292 in past damages through June 30, 2022. Post-trial proceedings will address ongoing damages through the expiration of Altria's patents in 2035. At trial, Altria urged the jury to find a royalty rate of 5.25%, which the jury accepted in returning its award of past damages.
"Patents are at the core of innovation and we take very seriously protecting our intellectual property," said Murray Garnick, Executive Vice President and General Counsel, Altria. "We are pleased that the jury recognized the importance of Altria's innovation and the value of its patent rights."
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