LOUISVILLE, Ky.–(BUSINESS WIRE)–Brand Turning Point, Inc. (“TPB” or “the Company”) (NYSE: TPB), a manufacturer, marketer and distributor of branded consumer products, including alternative cigarette accessories and consumables with active ingredients, today announced that the Company has completed a strategic $8 million investment in Longtime companion of Holding Company LLC (“Old Pal”), one of the most recognized and best-selling brands in the cannabis lifestyle space. TPB is invested in convertible notes which include additional investment rights.
Old Pal is a leading cannabis brand operating a non-plant-touching licensing model. The company sells its lifestyle products and goods to loyal fans across the US with an agile, multi-country approach. Founded by Rusty Wilenkin and Jason Osni in 2018, this California-based company is dedicated to building one of the most recognized cannabis lifestyle brands through its commitment to affordable and approachable products.
The TPB investment will allow Old Pal to expand its product offerings in its existing states, which include California, Nevada, Michigan, Oklahoma, Ohio, Washington and Massachusetts, and will help create the infrastructure needed to support continued territorial and product expansion. As a result of Old Pal’s strong brand recognition and extensive network of licensed cultivation and production relationships, the company has the ability to measure its geographic footprint while continuing to offer consistent and readily available products.
“Turning Point has a proven track record of developing and growing brands and leveraging this experience to identify leading cannabis brands that are highly recognized and poised for significant growth,” said Larry Wexler, CEO, Turning Point Brands. “Given Old Pal’s favorable market position, awareness of its products beyond its current geography and unique licensing model, we believe the brand is well positioned to further penetrate the market and capitalize on the growth potential of the cannabis industry.”
“Old Pal’s mission is to spread a shareable cannabis lifestyle to customers across the US through an accessible and high-quality product,” added Charlie Cangialosi, COO, Old Pal. “Turning Point Brands’ experience with iconic brands, such as Zig-Zag, and success in adjacent and complementary industries will allow us to bring the Old Pal experience to a wider market and consumer.”
About the Turning Point Brand
Turning Point Brands (NYSE: TPB) is a manufacturer, marketer and distributor of branded consumer products, including alternative cigarette accessories and active ingredient consumables, through the iconic core brands Zig-Zag® and Stoker’s® and its new brand in the NewGen segment. TPB products are available at more than 210,000 retail outlets in North America, in addition to sites such as: www.zigzag.com, www.nu-x.com and www.solacevapor.com. For the latest news and information about TPB and its brands, please visit www.turningpointbrands.com.
About Old Pal
Old Pal is a leading multistate cannabis lifestyle company focused on delivering value to consumers with quality products and trusted consistency. Through Old Pal’s strategic relationship in the industry, the brand has earned high quality, reliable production and distribution. By combining design and culture-focused marketing, Old Pal has defined a much-needed new space in the industry; an accessible lifestyle curation space outside of stoner culture. Visit www.oldpal.com and www.oldpalprovisions.com to learn more.
This press release contains forward-looking statements within the meaning of federal securities laws. Forward-looking statements can generally be identified by the use of words such as “anticipates”, “believes”, “expects”, “intends”, “plans” and “will” or, in each case, the negative, or other variations. or equivalent terminology. These forward-looking statements include anything that is not historical fact. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that may or may not occur in the future. As a result, these statements are not guarantees of future performance and actual events may differ materially from those expressed in or suggested by the forward-looking statements. Any forward-looking statements made by TPB in this press release, its reports filed with the Securities and Exchange Commission (“SEC”) and other public statements made from time to time are effective only from the date they were made. New risks and uncertainties arise from time to time, and it is not possible for TPB to predict or identify all of these events or how they might affect them. TPB is under no obligation, and does not intend, to update any forward-looking statements after the date of this agreement, except as required by federal securities laws. Factors that may cause such discrepancies include, but are not limited to, including the company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other reports filed by the Company with the SEC. These statements constitute a warning to the Company under the Private Securities Litigation Reform Act of 1995.