Kentucky-based Turning Point Brands Inc TPB, a provider of "Other Tobacco Products (OTP)" and adult consumer alternatives, said in a press release Wednesday it received conditional approval for hemp processing.
Turning Point said the Kentucky Department of Agriculture granted conditional approval to participate in a new industrial hemp research pilot program. The company also said it was granted a Processor/Handler License.
Graham Purdy, the President of Turning Point subsidiary Nu-X Ventures, said the conditional approval will put it in a position to help Kentucky farmers in developing CBD market capabilities. The executive said the company will be able to strengthen its own position as an "innovative leader in this exciting market."
Turning Point Brands shares traded lower by 1.8% to $47.08 at time of publication.
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