Bob Marley Cannabis, CBD Products To Get Boost After Turning Point Brands, Docklight Brands Partnership
Turning Point Brands, Inc. (NYSE: TPB) has teamed up with Docklight Brands Inc. to expand the reach of Bob Marley brand of cannabis and CBD products.
The Louisville, Kentucky-based company opted to invest $8.7 million in Docklight Brands’ series A offering.
“Our goal is to build an expansive portfolio of the most innovative brands in the cannabis industry and to distribute these products across our vast partner network,” Larry Wexler, Turning Point Brands’ CEO, said Tuesday.
Under the strategic agreement, TPB was granted rights to distribute Docklight’s Marley CBD topical products in the U.S.
“Adding Marley products to our portfolio alongside our legacy Zig-Zag brand marks yet another milestone as we continue to leverage our brands and expand our distribution infrastructure,” Wexler added.
TPB’s investment will also enhance the growth of the Marley CBD line, including Marley Mellow Mood teas, Marley wellness shots, and Marley chocolate squares, as well as Marley Natural THC products.
Damian Marano, Docklight Brands' CEO, is thrilled to collaborate with the “experienced team at Turning Point Brands.”
"We are confident our strategic relationship with Turning Point Brands will greatly enhance both the visibility and availability of the Marley products across TPB’s extensive distribution network,” Marano said in a statement.
The latest TPB’s move follows a $15 million investment in cannabinoid company Dosist. The two companies agreed to co-create a new CBD brand featuring THC-free products in October.
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