U.S. Markets closed
  • S&P 500

    3,911.74
    +116.01 (+3.06%)
     
  • Dow 30

    31,500.68
    +823.32 (+2.68%)
     
  • Nasdaq

    11,607.62
    +375.43 (+3.34%)
     
  • Russell 2000

    1,765.74
    +54.06 (+3.16%)
     
  • Crude Oil

    107.06
    +2.79 (+2.68%)
     
  • Gold

    1,828.10
    -1.70 (-0.09%)
     
  • Silver

    21.13
    +0.09 (+0.42%)
     
  • EUR/USD

    1.0559
    +0.0034 (+0.3273%)
     
  • 10-Yr Bond

    3.1250
    +0.0570 (+1.86%)
     
  • Vix

    27.23
    -1.82 (-6.27%)
     
  • GBP/USD

    1.2270
    +0.0009 (+0.0736%)
     
  • USD/JPY

    135.2100
    +0.2770 (+0.2053%)
     
  • BTC-USD

    21,383.65
    +135.50 (+0.64%)
     
  • CMC Crypto 200

    462.12
    +8.22 (+1.81%)
     
  • FTSE 100

    7,208.81
    +188.36 (+2.68%)
     
  • Nikkei 225

    26,491.97
    +320.72 (+1.23%)
     

Turning Point Brands Raises Stake In Canadian Distribution Company ReCreation To 65% For Undisclosed Sum

  • Oops!
    Something went wrong.
    Please try again later.
·1 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • Branded consumer products manufacturer Turning Point Brands Inc (NYSE: TPB) has increased its equity stake in ReCreation Marketing (ReCreation), a Canadian distribution company, from 50% to 65% for undisclosed financial terms.

  • Turning Point Brands expects to continue its expansion in Canada with the ReCreation partnership. ReCreation focuses on building brands in the Canadian smoking accessories, vaping, and alternative products categories.

  • ReCreation will transition its company name to Turning Point Brands Canada Corporation over the next 90 days as part of the deal.

  • "Increasing our stake in ReCreation Marketing was a logical move as Turning Point Brands continues to invest in the cannabis and tobacco-related sectors," said CEO Larry Wexler.

  • Turning Point Brands completed the transaction on July 30, 2021. It held $157.5 million in cash and equivalents as of June 30, 2021.

  • Price Action: TPB shares closed down 5.37% at $47.02 on Monday.

See more from Benzinga

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.