- Branded consumer products manufacturer Turning Point Brands Inc TPB has increased its equity stake in ReCreation Marketing (ReCreation), a Canadian distribution company, from 50% to 65% for undisclosed financial terms.
- Turning Point Brands expects to continue its expansion in Canada with the ReCreation partnership. ReCreation focuses on building brands in the Canadian smoking accessories, vaping, and alternative products categories.
- ReCreation will transition its company name to Turning Point Brands Canada Corporation over the next 90 days as part of the deal.
- "Increasing our stake in ReCreation Marketing was a logical move as Turning Point Brands continues to invest in the cannabis and tobacco-related sectors," said CEO Larry Wexler.
- Turning Point Brands completed the transaction on July 30, 2021. It held $157.5 million in cash and equivalents as of June 30, 2021.
- Price Action: TPB shares closed down 5.37% at $47.02 on Monday.
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