LOUISVILLE, Ky.--(BUSINESS WIRE)--
Turning Point Brands (NYSE:TPB), a Kentucky-based industry leading
marketer of Other Tobacco Products (“OTP”), today announced that Graham
Purdy, President of TPB’s New Ventures, will join the U.S. Hemp
Roundtable Board of Directors. The move brings to bear TPB’s influence
and strong advocacy network to complement the progress the hemp industry
has made toward the permanent legalization of hemp.
Purdy’s appointment to the Hemp Roundtable marks the second major move
into the hemp industry by TPB. Last week, TPB announced a strategic
investment in Canadian American Standard Hemp Inc. (CASH), which gives
TPB 19.99% ownership of the company. CASH produces hemp-derived products
including tinctures, capsules, vape cartridges and oral sprays that
contain cannabidiol isolate (CBD) developed through proprietary
extraction technologies. TPB’s investment will allow the company to
utilize its expertise in OTP as it moves into the burgeoning CBD
marketplace.
“Hemp is a highly versatile product that gives way to a wide array of
opportunities in product development and expansion,” says Purdy. “I am
excited to partner with leaders in the hemp space to ensure a positive
environment for continued growth of the industry and to further grow
TPB’s portfolio of alternative products.”
The U.S. Hemp Roundtable is a coalition of more than 60 companies who
play a vital role in shaping the hemp industry. The Hemp Roundtable’s
primary goal is working with Congress to pass legislation to designate
hemp an agricultural commodity, permanently removing it from purview of
the Controlled Substances Act. Since inception, the U.S. Hemp Roundtable
has prioritized passage of the Farm Bill to maximize the use of hemp as
a mechanism for economic growth and sustainability of the industry.
About Turning Point Brands, Inc.
Louisville, Kentucky-based Turning Point Brands, Inc. (NYSE: TPB) is a
leading U.S. provider of Other Tobacco Products. TPB, through its focus
brands, Stoker’s® in Smokeless products, Zig-Zag® in Smoking products
and VaporBeast® and VaporFi® in NewGen products, generates solid cash
flow which it uses to finance acquisitions, increase brand support and
strengthen its capital structure. TPB does not sell cigarettes. More
information about the company is available at its corporate website, www.turningpointbrands.com.
About the U.S. Hemp Roundtable
Launched in early 2017, the U.S. Hemp Roundtable is a coalition of more
than 60 hemp companies – representing every link of the product chain,
from seed to sale – and all of the industry’s major national grassroots
organizations. Its primary goal is to secure passage of bipartisan
legislation in the U.S. Congress that would establish hemp as an
agricultural commodity, and permanently remove it from regulation as a
controlled substance. Its efforts include an aggressive, targeted,
grass-tops lobbying campaign that brings leading farmers and business
executives to Washington to secure final passage of the Hemp Farming Act
of 2018. In order to build political support – and ensure the long-term
viability of the industry – the Roundtable’s mission also includes:
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Facilitating information exchange with law enforcement and federal
agency officials
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The seeding and infrastructure development of an independent,
self-regulatory organization (SRO), including the drafting of
regulatory-acceptable specifications and standards.
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Continued long-term legislative advocacy on other major policy issues,
remaining vigilant against potential attempts of rival industries to
halt hemp’s progress. For more information, visit: www.hempsupporter.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181204005273/en/
ir@tpbi.com
Robert Lavan, CFO
(502)
774-9238
Source: Turning Point Brands