Turning Point lowers its expectations in face of hostile US regulatory picture

Turning Point Brands (TPB) has blamed the hostile regulatory environment for vapour products in the US for the lowering of its full year expectations for 2022.

TPB saw a net sales decline of 45% in the second quarter of the year compared to the same period of last year to $23.1m. That followed a 37% decline in vaping product sales the previous quarter. In all, gross profit for the quarter from the company’s “NewGen” products fell by 50.6% to $7.0m in Q2 2022.