Turning Point Brands Inc. has made an $8 million strategic investment in cannabis company Old Pal Holding Co. LLC. Turning Point is a manufacturer, marketer, and distributor of branded consumer products including alternative smoking accessories (i.e. smoking pipes, herb grinders, and other more) and consumables with active ingredients. Old Pal operates a non-plant touching licensing model, selling its products and lifestyle goods to U.S. consumers.
Turning Point, based in Louisville, KY, said its investment enables Old Pal to expand product offerings in California, Michigan, Nevada, Ohio, Oklahoma, Massachusetts, and Washington. The investment helps Old Pal create the infrastructure necessary to support continued territory and product expansion. Los Angeles-based Old Pal was founded by Rusty Wilenkin and Jason Osni in 2018 and is dedicated to building recognizable cannabis lifestyle brands via “affordable and approachable” products.
“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,” said Charlie Cangialosi, COO of Old Pal.
“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,” said Larry Wexler, CEO of Turning Point Brands.
Turning Point Brands products are available in more than 210,000 retail outlets in North America.