#1文 22ND CENTURY GROUP INVESTOR OVERVIEW 16 June 2022 Nasdaq XXII#2CAUTIONARY NOTE ON FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements concerning our business operations, and financial performance and conditions, as well as our plans, objectives, and expectations for our business operations, and financial performance, and conditions that are subject to risks and uncertainties. All statements other than those of historical fact are forward-looking statements. These types of statements typically contain words such as "aim," "anticipate," "assume," "believe," "could," "due," "estimate," "expect," "goal,” “intend,” “may,” “objective," "plan," "potential,” "positioned," "predict," "should," "target," "will," "would" and other similar expressions that are predictions of or indicate future events and future trends. Forward-looking statements are based on current expectations, estimates, forecasts, and projections about our business, the industry in which we operate, and our management's beliefs and assumptions. 22ND CENTURY GROUP These statements are not guarantees of future performance or development and involve known and unknown risks, uncertainties, and other factors that are in some cases beyond our control. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those estimated. The contents of this presentation should be considered in conjunction with the risk factors, warnings, and cautionary statements contained in the Company's annual, quarterly, and other reports filed with the U.S. Securities and Exchange Commission. We undertake no obligation to publicly update or revise any forward- looking statement as a result of new information, future events, or otherwise, except as required by law. 2#3RECENT MILESTONES Dec 2021 VLNⓇ received the first and only Modified Risk Tobacco Product (MRTP) designation by the FDA for a combustible cigarette YOU HELPS YO SMORE VLN 20% LESS NICOTINE HELPS YOU SMOKE LESS LESS NICOTINE KeyGene March 2022 Industry-first breakthrough in hemp/cannabis plant transformation with our partner KeyGene, modifying the principal genes controlling cannabinoid biosynthesis in the plant April 2022 FDA's proposed menthol ban could leave VLNⓇ Menthol King as the only menthol cigarette on the market FDA U.S. Department of Health and Huma Food and Drug Administration St h 不暫old Joze ter 당신의 흡연, 반드는데 12492544LP Ma wwwwx HELPS YOU SMOKE LF April 2022 International Launch of VLNⓇ in South Korea April 2022 National pilot launch of VLNⓇ 95% less nicotine cigarettes in Chicago area with Circle K K CIRCLE K 22ND CENTURY GROUP GVB BIOPHARMA May 2022 Transformational acquisition of GVB Biopharma, a leading hemp/cannabis company 3#4Tobacco Hemp/Cannabis Hops Financials#5THE FIRST AND ONLY COMBUSTIBLE CIGARETTE MRTP VLN America's Lowest Nicotine Cigarette 95% less nicotine. VLNⓇ contains 100% American Tobacco with 95% less nicotine. VLN° greatly reduces your nicotine consumption, and helps you smoke less. HELPS YOU SMOKE LESS VLN 95% LESS NICOTINE Nicotine is addictive. Less nicotine does NOT mean safer. All cigarettes can cause VLN VIN MENTHOL VLN 95% LESS NICOTINE Nicotine is addictive. Less nicotine does NOT mean safer. All cigarettes can cause ■ FDA authorized VLN® King and VLN® Menthol King MRTPS on December 23, 2021 22ND CENTURY GROUP FDA added the data-driven claim "Helps You Smoke Less" and authorized all requested claims Rather than just shifting smokers to another highly addictive, nicotine-laden product, we are focused on helping smokers reduce their nicotine consumption and smoke less. "We know that three out of four adult smokers want to quit and the data on these products show they can help addicted adult smokers transition away from highly addictive combusted cigarettes." - Mitch Zeller, FDA Center for Tobacco Products *Trade dress subject to change. LO 5#6VLNⓇ HAS MASSIVE GLOBAL MARKET OPPORTUNITY "Although 34% of people trying to quit smoking use pharmaceutical aids, most are not successful." John P. Pierce, PhD, Professor Emeritus at UC San Diego School of Medicine4 $ 853B Global Tobacco Market 2020¹ $717B ~70% Of adult cigarette smokers want to quit² Other¹ Combustible Cigarettes <10% Of adult smokers successfully quit² 0% 1. Foundation for a Smoke Free World; https://www.smokefreeworld.org/wp-content/uploads/2021/12/Global%20Trends%20in%20Nicotine%20Report%20December%202021.pdf. 2. https://www.hhs.gov/sites/default/files/2020-cessation-sgr-consumer-guide.pdf. 3. Chaiton, Michael; Diemert, Lori, et al. “Estimating the number of quit attempts it takes to quit smoking successfully in a longitudinal cohort of smokers." Jun. 2016. 4. https://acsjournals.onlinelibrary.wiley.com/doi/pdf/10.1002/cncr.31388#:~:text=Although%2034%25%20of%20people%20trying, Medicine%20and%20Moores%20Cancer%20Center. 16% Combustible cigarettes account for about 85% of the global tobacco market¹ 50% 22ND CENTURY GROUP 84% 100% ~30 Average number of quit attempts before success³ 6#7TRANSFORMING TOBACCO WITH VLNⓇ 60% of adult smokers indicate a likelihood to use VLN® based on perception studies¹. Discernable Adult Smoker Benefits2,3 ▪ Reduced nicotine exposure and dependence ▪ Fewer cigarettes smoked per day ■ Reduced withdrawal symptoms ▪ Minimal or no compensatory smoking Increased number of smoke-free days Quit attempts doubled No increase in adverse effects in persons with mental health disorders H ■ VLN® is a UNIQUE 95% REDUCED NICOTINE CONTENT combustible cigarette alternative unlike any tobacco product available in the market today. What is VLNⓇ? How VLN® Helps Adult Smokers Science-Backed Research from Clinical Trials ■ ■ 22ND CENTURY GROUP Proprietary, combustible cigarette made with tobacco that contains 95% less nicotine than conventional cigarette alternatives Familiar combustible product format that replicates the conventional cigarette experience including the sensory and experiential elements of taste, scent, smell, and "hand-to-mouth" behavior VLNⓇ contains 0.5 mg of nicotine per gram of tobacco, an amount cited by FDA, based on clinical studies, to be "minimally or non-addictive" Lack of reward from nicotine creates a dissociation between the act of smoking and nicotine which helps adult smokers reduce the harm caused by smoking Since 2011, 22nd Century's reduced nicotine content cigarettes has been used in more than 50 independent scientific clinical studies conducted by universities and institutions ▪ Studies have been largely funded by U.S. government agencies and are estimated to have cost over $100M 1. Based on consumer perception studies conducted by 22nd Century Group. 2. Eric C. Donny, Ph.D., Rachel L. Denlinger, B.S., et al. "Randomized Trial of Reduced-Nicotine Standards for Cigarettes." Oct. 2015. 3. Dorothy K. Hatsukami, PhD; Xianghua Luo, PhD, et al., "Effect of Immediate vs Gradual Reduction in Nicotine Content of Cigarettes on Biomarkers of Smoke Exposure." Sept. 2018. 7#8CHICAGO VLNⓇ PILOT PARTNER: CIRCLE K Pilot launch leading to national rollout with current and additional retail partners Ready to advance to full national roll-out after pilot program K CIRCLE K ■ 22ND CENTURY GROUP 2nd largest national C-store chain, 7,000+ stores 150+ identified Chicago metro pilot stores currently sell in excess of 10 million packs of cigarettes annually VLNⓇ pilot program includes premium shelf position, hundreds of thousands of direct marketing impressions in-store, full advertising support and more. Filed in all states; Cleared for sale by AGS in 9 states: IL, CA, NY, CO, TX, FL, MN, MS, and RI Planning for marketing and distribution expansion underway 8#92004 FE 2014 GLOBAL MARKETS: LAUNCH IN SOUTH KOREA Table *IS -------... A www I I ■ 22ND CENTURY GROUP First shipment to South Korea in March 2022 South Korea is an ideal launch market: High smoking rate - 1 in 3 adult men are smokers ▪ Large premium segment with high interest in alternative products ▪ Launch partner in place Targeting additional key markets where regulations require minimal interaction with regulators and leveraging MRTP to access additional markets with strong claims 9#10MENTHOL BAN & NICOTINE CAP POLICIES FAVOR VLNⓇ 02 HELPS YOU SMOKE LESS egnant W P Women May as an M av MENTHOL VLN 95% LESS NICOTINE Nicotine is addictive. Less nicotine does NOT mean disease and death. sater. All cigarettes can cause NT 22ND CENTURY GROUP FDA continues to advance its policy priorities, particularly a rule banning menthol as a characterizing flavor. VLN® Menthol King cigarettes could be the only combustible menthol cigarette on the market exempt from the menthol ban, providing a critical off-ramp for menthol smokers. 22nd Century continues to support a reduced nicotine mandate, which the science shows would help all smokers more easily quit smoking nicotine or migrate to less toxic products. 10#11Tobacco Hemp/Cannabis Hops Financials 11#12ENABLING THE FULL POTENTIAL OF HEMP/CANNABIS Accelerating modification of hemp/cannabis plants to the highest levels of quality, stability, and scale INDUSTRY PROBLEM Existing plant genetics result in low quality and unreliable yield for large-scale, commercial production of hemp/cannabis plants ▪ Global legal hemp/cannabis market is projected to be worth +$175B by 2030¹ driving demand, competition, and capital investment, transforming the U.S. market ▪ 39 states & D.C. have legalized medical cannabis use, 18 states & D.C. have approved recreational use² 1. Global Cannabis Market - Market Size & Forecast to 2030, September 2021 2. https://www.leafly.com/learn/legalization 22ND CENTURY GROUP INDUSTRY SOLUTION Optimize hemp/cannabis plant genetics and create disruptive, proprietary stable commercial plant lines that deliver higher crop yield ▪ Plant lines with optimized genetics for commercial farming methodologies Option to grow at scale indoors and outdoors Improved disease and pest resistance Ability to control the expression of CBD, THC, CBG, CBN, terpenes, and other cannabinoids is critical to financial returns and quality metrics ■ ■ 22ND CENTURY GROUP ■ 22nd Century will enable commercial-scale growers to improve hemp/cannabis crop yield, stability, and the expression of key traits in high-volume production. 12#13KEY INITIAL HEMP/CANNABIS PROGRAMS Application Zero/Undetectable THC and High CBD Zero/Undetectable THC and High CBG Stable High THC Yield Enhancement Powdery Mildew Resistance Divaric Acid (CBDV) - A non psychoactive minor cannabinoid with demonstrated anti-epileptic and anti-convulsive action Low Terpene and New Terpenes Profiles Targeted Benefit 22ND CENTURY GROUP Crop loss due to hemp going "hot" (exceeding 0.3% THC content) is a common industry issue. Zero THC helps growers stay under the allowed threshold, reduce crop losses, and reduce processing cost while high CBD and CBG increase yields. Consumers and CPG brands get zero THC content. Targeting disruptive lines with 30-40% stable yield of pure THC, well above unpredictable yields in current strains Increase in cannabinoid content in the flower and the rest of the plant for overall increased plant yields Crop loss can be as much as 25% of the crop yield depending on the region, growth method and year. Increase of yields of CBDV to a stable 4-8%, making it more accessible for use in medical research and commercialization. Reduce the terpenes responsible for undesirable aromas and the development of new combinations of terpenes desirable to consumers 22nd Century is advancing a broad funnel of hemp/cannabis plant lines and IP designed to address specific industry needs. 13#14GVB COMPLETES 22ND CENTURY'S B2B CAPABILITIES 22nd Century will now offer the most robust platform to service the rapid growth of cannabinoid products. Number of Participants Plant Profile / Roadmap Canna Metrix CannaMetrix's high- throughput proprietary, human cell-based assay technology serves as a roadmap for developing new plant lines with tailor-made profiles. Few Plant Biotechnology KeyGene Established proprietary bioinformatics platform and cutting-edge molecular breeding platform in partnership with KeyGene; capabilities include genetic engineering and plant line development. Dozens (Few are advanced) Plant Breeding & Trials Extractas Bioscience Multiple partnerships with top global breeders provide 22nd Century with both northern and southern hemisphere, indoor and outdoor, year- round plant breeding and trial capabilities. Few Plant Cultivation NEEDLE ROCK FARMS Colorado farm operations provide 22nd Century with operational assets including plant cultivation capabilities. Hundreds Ingredient Extraction, Purification, and Finished Products GVB BIOPHARMA™ Hemp-derived active ingredients extractor and finished products manufacturer providing customers with bulk ingredients and white label products 22ND CENTURY GROUP Dozens (Very few are reputable and with scale) Commercial Partners 22nd Century offers an end-to-end, high-value add solution for leading nutraceutical, consumer products and pharmaceutical companies entering the ascendant cannabis market Thousands 14#15GVB: A TRANSFORMATIONAL ACQUISITION The acquisition of GVB allows 22nd Century to leverage its expertise in receptor and plant science to develop its hemp/cannabis franchise and add significant scale in the immediate-term Market Leadership in Hemp-Derived Products Compelling Financial Impact Key Strategic Benefits and Synergies ▪ GVB is wi regarded as a best-in-class operator with an estimated 15% share of the hemp-derived active ingredients market ■ Control from biomass to ingredients to finished goods ensuring attractive prices, quality, purity (99%+ isolates) and traceability ■ CGMP and NSF-audited facility 22ND CENTURY GROUP Significantly increases 22nd Century's revenue and accelerates the path to profitability ■ Immediately accretive to top and bottom line ▪ Manageable working capital investments and limited capital expenditure requirements to drive significant growth ▪ GVB's production and formulation capabilities are uniquely suited to leverage and monetize 22nd Century's IP portfolio and research capabilities ▪ Crop developments by 22nd Century will lead to dramatic margin expansion for GVB sales ▪ Manufacturing capabilities for various form factors represent an under-penetrated growth opportunity that 22nd Century leadership is well-qualified to capitalize on ▪ Deepens global footprint in geographic markets targeted for growth 15#16GVB EXPANDS 22ND CENTURY'S GLOBAL FOOTPRINT GVB adds strong U.S. and international assets and capabilities US GVB GVB GVB NEEDLE ROCK FARMS GVB Production, Manufacturing, & Distribution Sales, Marketing, & Administration Supply Chain Existing 22nd Century Footprint + GVB + 22ND CENTURY KEY GENE 22ND CENTURY GVB EUROPE GVB GVB AUSTRALIA EXTRACTAS BIOSCIENCE KEY GENE CHINA GVB CHILE 22ND CENTURY GROUP 22ND CENTURY 16#17CLASS-LEADING MANUFACTURING CAPABILITIES GVB operates three primary manufacturing facilities, which have recently been invested in and have significant capacity to support growth with very limited additional capital expenditure. Refinement Facility | Grass Valley GVB currently operates: ▪ Grass Valley, Oregon: 30,000 sq ft; refinement facility ▪ Las Vegas, Nevada: 40,000 sq ft; used for Private Label/Contract Manufacturing Prineville, Oregon: Crude extraction capacity of 10,000 kg/month GVB sources hemp from trusted agricultural partners who adhere to GVB's rigorous quality parameters. Private Label/Contract Manufacturing | Las Vegas Crude Extraction | Prineville 22ND CENTURY GROUP#18GVB GVB OFFERS A DIVERSE RANGE OF HIGH-QUALITY CANNABINOIDS AND CANNABINOID INFUSED PRODUCTS GUMMIES 30 GUMMIES 25 MG EACH (Om WE EVCH NO CIWNIES GVB GUMMIES 30 GUMMIES 25 MG EACH POVINIE GVB GUMMIES 30 GUMMIES 25 MG EACH SE WO EY 30 ENWIWILE BOWWIER CBD BSD CBG Isolate Tinctures CBD CRD Compliant BSD GVB has the capabilities to produce a large array of cannabinoids Gel Capsules H HO OH CBD THC- Free Crude CBD Isolate UK Compliant BSD Gummies CBN Isolate CBC Isolate CBDA Cannabinoid Mints Cannabidiol Isolate GVB BIOPHARMA™ Cannabidiol Broad Spectrum Distillate Cannabigerol Isolate Cannabidiol Crystal Resistant Distillate Compliant Broad Spectrum Distillate Key Cannabinoids Cannabidiol THC-Free Crude Cannabinol Isolate UK Compliant Broad Spectrum Distillate Cannabidiolic Acid White Label Contract Manufacturing Product Offering Tablets Cannabichromene Isolate 22ND CENTURY GROUP Topical Abbreviation CBD Isolate CBD BSD CBG Isolate CBD CRD Compliant BSD CBD THC-Free Crude UK Compliant BSD CBN Isolate CBC Isolate CBDA Vape Pens 18#19PRODUCT DEVELOPMENT INNOVATION CYCLE GVB completes the product development and production cycle to foster enhanced innovation. Product Development Cycle Extractas Bioscience KeyGene Ÿ NEEDLE ROCK FARMS 22ND CENTURY GROUP Canna Metrix GVB BIOPHARMA Consumer Insights & Partner Feedback 3rd Party Brands Ingredient Extraction, Purification and Finished Product Manufacturing Seeds are tested and planted Ethanol is evaporated - Final product formulation begins Plants are tested in the field The extracted crude oil is lab tested for quality Product formulas are created Plants are harvested and tested again The crude oil is distilled to remove impurities Products are formulated and homogenized Ethanol is super-cooled for extraction The result is high quality distillate, sent off for testing YOUR CBD Ba 22ND CENTURY GROUP Products are packaged prepped and shipped out Ethanol is added to hemp to begin extraction THC is removed using proprietary processes GVB) BIOPHARMA™ 19#20Tobacco Hemp/Cannabis Hops Financials 20#2122ND CENTURY ENTERS LARGE GLOBAL HOPS MARKET ■ 22nd Century is leveraging its experience with tobacco and hemp/cannabis, a close hop relative, to accelerate the development of proprietary specialty hop varieties or valuable traits. Industry reliance on high-risk traditional breeding techniques ripe for disruption with new accelerated molecular breeding technologies and gene-editing tools Leveraging research findings from closely related hemp/cannabis plants supports the development of specialty hop varieties with: ▪ Enhanced yield, disease resistance, and other advantageous agronomic traits ▪ Distinctive aroma, flavor, nutraceutical, and medicinal properties Significant European market and new European subsidiary support geographic expansion and provide additional growth opportunities for the Company's tobacco and hemp/cannabis operations 22ND CENTURY GROUP 21#22KEY INITIAL HOPS OPPORTUNITIES Application Agronomic traits/powdery mildew, downey mildew, fusarium, and wireworm (disease resistance/pest resistance) Architecture traits/ratio cone/biomass and lupulin density Consumer traits/Alpha and Beta acids beer are industry drivers Terpenoids/flavonoids (oils) are new flavor drivers Xanthohumol and 8-prenylnaringenin potential nutraceuticals and pharmaceuticals Targeted Benefit Crop loss can be as much as 30% of the yield depending on region and year Success can generate 20-60% increase in yield 22ND CENTURY GROUP Stabilize the content and tailor to meet specific requirements from brewers This trait may have a more significant impact creating new disruptive, unique and proprietary aromatic hops flavor profiles for the brewing industry. Addressing a broad range of opportunities including managing anxiety, inducing calm, addressing sleeping disorders, resolving stomach problems, and other wellness applications 22nd Century is actively engaged in discussions with multiple hops growers and consumer product partners to develop specific desired traits. 22#23Tobacco Hemp/Cannabis Hops Financials 13,9831 29,5752 212,4289 23#24FIRST QUARTER 2022 FINANCIAL HIGHLIGHTS 1Q 2022 1Q 2021 Net Sales $9.0M $6.8M Gross Profit $460K $647K Gross Profit Margin 5.1% 9.5% Operating Loss $(8.1) M $(5.2)M 22ND CENTURY GROUP Net Loss $(8.9)M $(5.0)M CMO activities fund the cost of facilities needed to manufacture VLNⓇ. 24#25FIRST QUARTER 2022 FINANCIAL HIGHLIGHTS Dollar amounts in millions Cash and cash equivalents¹ Total assets² Total liabilities3 Total shareholders' equity4 March 31, 2022 $ 38.6 1. Cash and cash equivalents includes short-term investment securities. 2. Total assets is the sum of total current assets, total property, plant and equipment, and total other assets including intangible assets, net, Investments and convertible note. 3. Total liabilities includes current liabilities and long-term liabilities and excludes shareholders' equity. 4. Total shareholders' equity excludes any liabilities. $ 66.5 $8.5 $ 58.0 Quarter Ended 22ND CENTURY GROUP December 31, 2021 $ 48.7 $ 76.0 $9.9 $ 66.1 Balance sheet aligned to partner-focused VLN® launch and continued R&D activity across all three franchises. 25#26GVB GVB TRANSACTION HIGHLIGHTS CANNABINOID LOTION 500 MILLIGRAMS (8 11 or (9) 200 WITTICKY ГОЦОИ CYTNYBIKOID GVB CANNABI CANNABINOID CREAM 500 MILLIG 122/CONL O GVB ego wirrie СЬЕVW СУИИВ BALM 1000 MILLIGRAMS (4120mL) 1000 WIFI ΒΗΓΙΝ СУИИУВIЙOID CAB GVB CANNABINOID GUMMIES 30 GUMMIES 25MG EACH (750mg) ball 32WC EVCH 30 COWWIE? enWWIE? СУИИУВIЙОID CVB CANNABINOID TINCTURE 500 MILLIGRAMS BAWYDOND DOO PIETIC SWI ПИСIПКЕ CVMMVBIMOID CAB Transaction Considerations Consideration to GVB Biopharma Employee Retention Board of Directors Financial Update ▪ 22nd Century acquires all of the issued and outstanding shares of GVB Biopharma ▪ Pro forma ownership of approximately 17% GVB Biopharma and 83% 22nd Century ■ Aggregate consideration of approximately $58 million, including: 1. the assumption of approximately $4.5 million of debt, 2. GVB's closing costs and 3. the issuance to GVB of an aggregate of 32,900,000 unregistered shares of common stock of 22nd Century. ▪ 22nd Century will enter into employment and consulting arrangements with certain key employees of GVB 22ND CENTURY GROUP GVB will nominate a director to 22nd Century's board of directors, provided that such nominee is independent and subject to approval by 22nd Century's Governance and Nominating Committee ▪ 22nd Century will furnish any pro forma financial information required no later than 71 calendar days after closing 26#272022 PRIORITIES & AREAS OF FOCUS Tobacco Franchise 01 Launching VLNⓇ in U.S. and International Markets ■ Launching VLN® Chicago pilot with Circle K ▪ Engaging with multiple retrial trade partners to support national launch capabilities post-pilot ■ ■ 02 Advocating for proposed menthol ban and nicotine cap policies First VLNⓇ international launch in South Korea Ramping manufacturing capabilities ■ FDA progress on menthol ban MRTP positions VLNⓇ as possibly the only menthol cigarette still available Favorable political climate ■ ■ Hemp/Cannabis & Hops Franchises 03 Expanding upstream hemp/cannabis revenue ■ Initiated hemp/cannabis biomass sales and IP licensing activities ▪ Expanding available plant lines for 2022 and 2023 ■ Achieved hemp/cannabis breakthrough in plant transformation 04 Positioning for launch in hops market ▪ Building out commercial partnerships ■ Targeting specific applications and benefits of interest to key hops growers Faster route to commercialization than first two franchises Financial 05 Balance sheet strength to fuel partner-focused commercialization strategy I 22ND CENTURY GROUP ■ $39 million in growth capital to support VLNⓇ national launch ▪ Leveraging partner footprint and marketing capabilities for low-cost, high-impact approach Deploying capital to fuel U.S. VLNⓇ launch, commence international sales of VLNⓇ, accelerate cannabis commercialization, and launch hops franchise 27#28CONTACT INFORMATION INVESTOR RELATIONS & MEDIA CONTACT Mei Kuo 22nd Century Group, Inc. Director, Communications & Investor Relations T: 716-300-1221 [email protected] Matt Kreps Darrow Associates Investor Relations T: 214-597-8200 [email protected] 22ND CENTURY GROUP