Consumer products company Turning Point Brands (TPB) is making an $8 million strategic investment in marijuana brand Old Pal Holding.
Louisville, Kentucky-based TPB’s investment involves “a convertible note which includes additional follow-on investment rights,” according to a news release.
“TPB’s investment will enable Old Pal to expand product offerings in existing states, which include California, Nevada, Michigan, Oklahoma, Ohio, Washington and Massachusetts, and will help create the infrastructure necessary to support continued territory and product expansion” the release noted.
California-based Old Pal is a non-plant-touching cannabis and lifestyle brand that partners with licensed cultivators and manufacturers to produce branded cannabis products.
Old Pal products are available in dispensaries, but the company also sells directly to consumers.
“Given Old Pal’s favorable market position, the awareness of its products outside its current geographies and its unique licensing model, we are confident the brand is well-positioned to further penetrate the market and capitalize on the growth potential of the cannabis industry,” Turning Point Brands CEO Larry Wexler said in a statement.
TPB’s brand portfolio includes Zig-Zag rolling papers and Stoker’s tobacco products.
Shares of TPB trade on the New York Stock Exchange as TPB.
