One of America’s largest smokeless tobacco and vapour companies has taken a minority stake in a company dedicated to CBD products.
Turning Point Brands (TPB) purchased 19.99% of Canadian American Standard Hemp (CASH), a New England-based company that produces tinctures, capsules, topical products, vape cartridges and oral sprays, for an undisclosed fee.
A spokesperson for Turning Point told CBD-Intel that moving into the hemp and CBD business was “a natural choice” for the firm.
“This investment positions us to create a diverse array of products combining CASH’s proprietary extraction technologies with our proven expertise in the production and marketing of other tobacco products,” they added. “Fusing our infrastructure with CASH’s industry capabilities will allow us to secure a toehold in the rapidly growing alternatives market.”