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:
- Facilitating information exchange with law enforcement and federal agency officials
- The seeding and infrastructure development of an independent, self-regulatory organization (SRO), including the drafting of regulatory-acceptable specifications and standards.
- 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.