Turning Point Brands Acquires Unitabac Cigar Portfolio For Undisclosed Sum

Turning Point Brands Inc TPB, a branded consumer products manufacturer, has acquired the cigar assets of Unitabac LLC for an undisclosed sum.
The deal includes the portfolio of cigarillo products and all related intellectual property, including Cigarillo Non-Tip (NT) Homogenized Tobacco Leaf (HTL), Rolled Leaf, and Natural Leaf Cigarillo Products.
"Industry analysts have highlighted that the multibillion-dollar cigarillo market growth is being fueled, in part, by the rapidly expanding movement toward cannabis legalization. Gaining access to Unitabac's product portfolio provides us with necessary assets to build a more competitive platform to participate in this large and growing market," said CEO Larry Wexler.
The company held $167.4 million in cash and equivalents as of March 31, 2021.
Price action: TPB shares are trading higher by 1.16% at $46.08 on the last check Monday.