Turning Point Brands Raises Stake In Canadian Distribution Company ReCreation To 65% For Undisclosed Sum - Turning Point Brands (NYSE:TPB)

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.