Turning Point Brands, Inc. (NYSE: TPB)

Turning Point Brands, Inc. is a manufacturer, marketer and distributor of branded consumer products that serve adult consumers. The company focuses on the alternative smoking accessories and other tobacco products markets, offering items such as rolling papers, tubes, cigars, smokeless tobacco and nicotine pouch products.

The company generates revenue by selling its own branded products and through distribution agreements with third parties. Core products include rolling papers, tubes and related accessories; finished cigars and make your own cigar wraps; moist snuff tobacco; FRE and ALP modern oral nicotine pouches; and loose leaf chewing tobacco. Revenue is derived from sales to approximately nine hundred distributors and six hundred secondary wholesarers in the United States, which together supply roughly two hundred twenty thousand retail outlets across North America, as well as from an expanding electronic commerce business.

The company operates through the following segments: Zig Zag products segment and Stoker’s products segment.

• Zig Zag products segment: the segment markets and distributes rolling papers, tubes and related items; finished cigars and make your own cigar wraps; and other smoking accessories. It also holds a majority interest in a Canadian marketing and distribution firm that focuses on cannabis accessories, tobacco and alternative products, and sources its cigarette paper from RTI under a long term supply agreement. The segment has expanded into hemp wraps, natural leaf wraps and paper cones to address evolving consumer preferences.

• Stoker’s products segment: the segment manufactures and markets moist snuff tobacco; contracts for and markets FRE and ALP modern oral nicotine pouches; and contracts for and markets loose leaf chewing tobacco. Moist snuff production occurs at the company’s facility in Dresden Tennessee using a proprietary process, while loose leaf tobacco is sourced from Swedish Match under a longstanding agreement. The segment also participates in a joint venture with ALP Supply Co LLC to develop and distribute nicotine pouch products in various strengths.

Turning Point Brands, Inc. holds a leading position in its core markets due to the strength of its iconic brands and its extensive distribution network. The Zig Zag brand is the number one premium rolling paper in the United States with approximately thirty three percent market share and is also the top maker of make your own cigar wraps. The Stoker’s brand is the number one discount and overall chewing tobacco brand with roughly thirty four percent share and a growing presence in the moist snuff category. The company competes with larger tobacco firms such as Altria Group, British American Tobacco, Swedish Match and Swisher International, but maintains advantages through strong brand recognition, low cost asset light operations, deep regulatory expertise and a flexible supply chain that enables rapid product introduction.

The company serves adult consumers through a wide variety of retail channels including convenience stores, tobacco outlets, food stores, mass merchandisers, drug stores, headshops, dispensers and electronic commerce platforms. Products reach these outlets via approximately nine hundred distributors and six hundred secondary wholesalers in the United States. In 2025 no single customer accounted for ten percent or more of net sales, indicating a diversified customer base.