Zig-Zag papers maker Turning Point Brands TPB recently completed an $8 million strategic investment in Old Pal, one of the most recognizable and top-selling brands in the cannabis lifestyle industry.
Turning Point Brands invested in the form of a convertible note, which includes additional follow-on investment rights.
“Old Pal’s ability to build strong brand awareness, including outside of states in which it currently conducts business, represents an attractive opportunity for Turning Point Brands to strategically increase our exposure in the cannabis market,” Larry Wexler, CEO of Turning Point Brands, told Benzinga. “While this investment is focused on accelerating the geographic reach of Old Pal’s portfolio, we plan to leverage our proven track record of developing and distributing iconic brands to support Old Pal’s continued growth. This partnership also provides a vehicle for Turning Point Brands to increase its product presence in dispensaries across the country.”
Turning Point Brands’ investment will enable Old Pal to expand its product offerings in existing states, which include California, Nevada, Michigan, Oklahoma, Ohio, Washington and Massachusetts, and will help to create the infrastructure necessary to support continued territory and product expansion.
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