When Louie Reformina traded in his 20-year Wall Street career for his first operational role, he joined a company, Turning Point Brands, that had a long history of distress.
“The unique thing about us playing in cannabis-related spaces is that we are NYSE listed,” he said.
Both of these brands generated stable income, almost entirely through sales in some 210,000 North American convenience stores.
“In the U.S.
Its traditional distribution channel — convenience stores — isn’t expected to be the way cannabis products will be sold as their popularity expands, so he plans to build on a marketing company that Turning Point acquired last year to grow its ecommerce presence.
“What happens when there’s legalization is, the consumer would purchase their rolling paper at a convenience store; they would now go to a dispensary and buy their product and buy the rolling paper there or often at the head shop next door to it.