Cannabis accessories maker Turning Point tops Q1 earnings estimates, raises guidance
Turning Points Brands Inc. shares rose about 3% in premarket trade Tuesday, after the maker of vapes and other accessories for the cannabis market . The Louisville, Kentucky-based company posted net income of $11.8 million, or 57 cents a share, for the quarter, up from $4.5 million, or 22 cents a share, in the year-earlier period. Adjusted per-share earnings came to 80 cents, well ahead of the 58 cents FactSet consensus. Sales rose 18.7% to $107.6 million, also ahead of the $100.0 million FactSet consensus. “Zig-Zag led the way with a second consecutive quarter with over 40 percent growth, and Stoker’s delivered another double-digit growth quarter led by our MST business,” Chief Executive Larry Wexler said in a statement. The Zig-Zag products segment accounted for 38% of total net sales in the period, climbing 42% to $41.0 million. Growth was driven by double-digit advances in U.S. rolling pap
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Bob Marley brand of cannabis and CBD products.
The Louisville, Kentucky-based company opted to invest $8.7 million in Docklight Brands’ series A offering.
“Our goal is to build an expansive portfolio of the most innovative brands in the cannabis industry and to distribute these products across our vast partner network,” Larry Wexler, Turning Point Brands’ CEO, said Tuesday.
Under the strategic agreement, TPB was granted rights to distribute Docklight’s Marley CBD topical products in the U.S.
“Adding Marley products to our portfolio alongside our legacy Zig-Zag brand marks yet another milestone as we continue to leverage our brands and expand our distribution infrastructure,” Wexler added.
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