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TPB · Consumer Defensive · Tobacco · Market cap $2.41B

1 fund in our archive has pitched Turning Point Brands — most recently Maran Capital in December 2025.

Company profile

Turning Point Brands, Inc., together with its subsidiaries, manufactures, markets, and distributes branded consumer products. The company operates through three segments: Zig-Zag Products, Stoker's Products, and NewGen Products. The Zig-Zag Products segment markets and distributes rolling papers, tubes, finished cigars, make-your-own cigar wraps, and related products under the Zig-Zag brand. The Stoker's Products segment manufactures and markets moist snuff tobacco and loose-leaf chewing tobacco products under the Stoker's, Beech-Nut, Durango, Trophy, and Wind River brands. The NewGen Products segment markets and distributes cannabidiol isolate, liquid vapor products, and other products without tobacco and/or nicotine to individual consumers through VaporFi B2C online platform, as well as non-traditional retail through VaporBeast. It sells its products to wholesale distributors and retail merchants in the independent and chain convenience stores, tobacco outlets, food stores, mass merchandising, and drug stores. The company was formerly known as North Atlantic Holding Company, Inc. and changed its name to Turning Point Brands, Inc. in November 2015. Turning Point Brands, Inc. was founded in 1988 and is headquartered in Louisville, Kentucky.

1
Reported positions
0
Bought
0
Sold
2
Letters

Position history

Between Q4 2025 and Q2 2026, 1 fund letter reported a position in Turning Point Brands, with no move described.

Fund letters reporting a position in Turning Point Brands, by quarter
QuarterLettersBoughtSoldTheses
Q2 20261000
Q4 20250001

Fund activity · 1 position

  • Our top five positions as of the end of the quarter were equity investments in Clarus Corp (CLAR), Horizon Kinetics Holding Corporation (HKHC), Pure Cycle Corporation (PCYO), Turning Point Brands (TPB), and the credit position described below.
    Read the letterTurning Point Brands

Fund coverage · 1 thesis

  • Maran Capital
    December 2025

    Turning Point Brands is a tobacco products company with accelerating growth from nicotine pouches, strong cash flow and margin potential, and significant long-term upside from market share gains.

    Read the full thesis

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