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Turning Point Brands Inc. (NYSE:TPB) agreed to invest $15 million in Dosist, a cannabinoid company.
The two companies opted to co-create a new CBD brand featuring thc-free products.
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Under the co-development and distribution deal, Louisville, Kentucky-based TPB can invest another $15 million at pre-determined terms over the next twelve months.
“The cannabis market is exploding, and now is the opportune time to invest in the space and significantly expand our addressable market,” Turning Point Brands CEO Larry Wexler said Tuesday.
He said that dosist was the “clear choice,” adding they are pleased to “leverage their expertise as a marketing powerhouse to help build the future of both our companies.”
Gunner Winston, dosist’s CEO, seconded Wexler, highlighting that “synergy between our brands around this scope and mission is incredible and we are excited by what we will achieve together with this partnership.”
dosist — launched in 2016 — serves over 700 dispensaries across California, Colorado, Nevada, and Canada. In addition, it intends to introduce its product line into new markets as it expands across North America.
Besides its thc-regulated products, the company plans to introduce a globally scaled omni-channel platform - dosist thc-free – in the month to come.
Meantime, the news comes on the heels of the TPB’s third-quarter earnings report, which revealed a year-over-year increase of 7.6% in net sales, reaching $104.2 million, and a 12.8% annual increase in gross profit.
The company’s revenue hit approximately $105 million in the previous quarter, up by 12.45% year over year.
Courtesy image
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.