Turning Point Brands, Inc. (“TPB”), a manufacturer, marketer, and distributor of branded consumer products, including alternative smoking accessories and consumables with active ingredients, announced today that the Company has completed an $8 million strategic investment in Old Pal Holding Company LLC (“Old Pal”), one of the most recognizable and top-selling brands in the cannabis lifestyle space. TPB invested in the form of a convertible note which includes additional follow-on investment rights. Old Pal is a leading brand in the cannabis space that operates a non-plant touching licensing model. The company sells its products and lifestyle goods to devoted fans across the U.S. with its nimble, multi-state approach. Founded by Rusty Wilenkin and Jason Osni in 2018, the California-based company is dedicated to building one of the most recognizable cannabis lifestyle brands through its commitment to affordable and approachable products. TPB’s investment will enable Old Pal to expand product offerings in existing states, which include California, Nevada, Michigan, Oklahoma, Ohio, Washington, and Massachusetts, and will help create the infrastructure necessary to support continued territory and product expansion.
Mmp News Author, Medical Marijuana Program Connection, 07/25/2021 06:14:00