Kelley and Stanley Mouse scoured the public libraries of San Francisco for inspiration. Kelly and Stanley Mouse’s 1967 poster inspired by Zig-Zag rolling papers They were smoking paper that had lead and cadmium and God only knows what in that ink, which would have been running all over their hands.”īy the time the custom of smoking made its way to Alcoy, Kesselman says, the papermakers there recognized the need for a special paper made just for smoking tobacco, so they produced a clean-burning, white, rolling paper, which they advertised by promoting its hygienic properties.
“It wouldn’t have been like they were smoking a new New York Times. “There was probably green smoke and sparks coming off of them,” Kesselman says of these early rolling papers. When they were done smoking these enormous stogies, they would toss the butts on the ground, where peasants would pick them up, take them apart, and reroll what was left in small scraps of newspaper. The aristocrats smoked Tommy Chong-size cigars, rolled in palm and tobacco leaves. Turning Point is in a comfortable position ending the quarter with a total liquidity of $128.4 million. During the quarter, the company repurchased $13.9 million in aggregate principal amount of its 2.50% Convertible Senior Notes due July 2024.Ben Marks supplies a potted history of the rolling paper (via Boing Boing):Īfter tobacco was introduced to Spain from the New World in the 1500s, a tobacco trade developed in Europe in the 1600s. “Stoker’s saw another quarter of solid performance with strong market share gains in both the MST and loose-leaf chewing tobacco categories as its value proposition continues to resonate with consumers,” continued Purdy. Stoker’s Products net sales increased 6.2% to $33.7 million on high single-digit growth of MST and low-single digit growth of loose-leaf chewing tobacco. “The acceptance of CLIPPER lighters within the trade remains encouraging and sets up well for increased penetration going forward.” Tobacco Our e-commerce business had another quarter of double-digit growth as we continue to build our presence in the alternative channel,” said Purdy. “Zig-Zag papers and wraps demonstrated solid results in-light of planned inventory reduction with certain customers. On a positive note, TPB’s Canadian and other smoking accessories businesses saw strong growth during the quarter. rolling papers and wraps businesses due to a reduction of trade inventory during the quarter. Turning Point said it expected the drop in the U.S. Zig-Zag rolling papers accounts for 42% of the company’s sales and during the quarter those net sales decreased 8.3% to $41.9 million. We are currently maintaining our annual guidance as we focus on executing against our plan for the balance of the year.” Zig-Zag We opportunistically purchased another $13.9 million in aggregate principal amount of our convertible notes during the first quarter while maintaining a strong cash balance. Stoker’s had a solid quarter of performance as the value proposition of Stoker’s MST and looseleaf led to another quarter of market share gains. With the adjustment in trade inventory, Zig-Zag is now well-positioned to demonstrate growth for the balance of the year. “The Zig-Zag segment had an anticipated inventory reduction with certain wholesale customers but saw strong performance from the alternative channel and the roll-out of CLIPPER lighters. “We are encouraged by our first quarter operating results which fell within our expectations,” said CEO Graham Purdy. The diluted earnings were $0.41 versus last year’s $0.55 and the adjusted diluted earnings were $0.62 versus last year’s $0.71. Net income fell by 30.9% to $7.6 million. Turning Point told investors it is keeping its previous expectation of full-year 2023 adjusted EBITDA to be in a range of $88 to $94 million. (NYSE: TPB) announced financial results for the first quarter ended Maas overall by revenues increased slightly by 0.1% to $101.0 million.
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