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The legal challenges faced by the vaping industry in the US impacted Turning Point Brands’ vapour portfolio in 2021, with a significant drop in the last quarter’s net sales and gross profit.
Turning Point, a manufacturer and distributor of branded consumer products, including alternative smoking accessories, said that its emerging brand within its new generation (“NewGen”) segment posted a net sales decline of 7.5% to $144.7m for 2021. For the last quarter of the year, its net sales fell by around 22% to $28m.
Gross profit for the quarter fell from NewGen products by 40.6% to $7.0m, while for the whole year it dropped by 5.9% to $47m.
