LOUISVILLE, Ky. — Turning Point Brands Inc., a manufacturer, marketer and distributor of branded consumer products including alternative smoking accessories and consumables with active ingredients, has made an $8 million strategic investment in cannabis company Old Pal Holding Co. LLC.
Turning Point invested in the form of a convertible note that includes additional follow-on investment rights.
Old Pal operates a non-plant touching licensing model, selling its products and lifestyle goods to U.S. consumers. Founded by Rusty Wilenkin and Jason Osni in 2018, the Los Angeles-based company is dedicated to building recognizable cannabis lifestyle brands via “affordable and approachable” products, it said.
Louisville, Ky.-based Turning Point said its investment enables Old Pal to expand product offerings in existing states, which include California, Nevada, Michigan, Oklahoma, Ohio, Washington and Massachusetts, and helps create the infrastructure necessary to support continued territory and product expansion. Old Pal’s brand recognition and network of licensed cultivation and production relationships enables it to scale its geographic footprint while continuing to offer consistent and readily available products, Turning Point said.
“Turning Point has a proven track record of developing and growing brands and is capitalizing on this experience to identify highly recognizable, leading cannabis brands poised to experience significant growth,” said Larry Wexler, CEO of Turning Point Brands. “Given Old Pal’s favorable market position, the awareness of its products outside its current geographies and its unique licensing model, we are confident the brand is well-positioned to further penetrate the market and capitalize on the growth potential of the cannabis industry.”
“Old Pal’s mission is to spread the shareable cannabis lifestyle to customers across the U.S. through accessible and high-quality products,” added Charlie Cangialosi, COO of Old Pal. “Turning Point Brands’ experience with iconic brands, like Zig-Zag, and success in adjacent and complementary industries will allow us to bring the Old Pal experience to a wider range of markets and consumers.”
Turning Point Brands products include alternative smoking accessories and consumables with active ingredients. Its products are available in more than 210,000 retail outlets in North America.