- Looking to stoke growth, Turning Point Brands (NYSE:TPB) announces a $15M strategic investment in global cannabinoid company dosist.
- The company says the deal includes an exclusive co-development and distribution agreement of a new national CBD brand to be created in partnership with dosist’s thc-free business unit.
- Additionally, Turning Point Brands has an option to invest another $15M at pre-determined terms within the next 12 months.
- “The cannabis market is exploding and now is the opportune time to invest in the space and significantly expand our addressable market,” says CEO Larry Wexler.
- “With its leadership in results-oriented plant-based formulas and dose control technology, global recognition, consumer trust and scalability, dosist was the clear choice to be our new partner in this critical growth market,” he adds.
- TPB +6.26% premarket to $34.99.
- Source: Press Release
- Turning Point Brands reported earnings earlier