Alternative smoking accessories manufacturer Turning Point Brands, Inc. (TPB) dropped 6% in the market after the Food and Drug Administration issued a Marketing Denial Order against the company's Premarket Tobacco Product Applications for a vapor product.
RTTNews | Sep 17, 2021 11:40AM EDT
11:39 Friday, September 17, 2021 (RTTNews.com) - Alternative smoking accessories manufacturer Turning Point Brands, Inc. (TPB) dropped 6% in the market after the Food and Drug Administration issued a Marketing Denial Order against the company's Premarket Tobacco Product Applications for a vapor product.
The company, however, believes that the product follows the Family Smoking Control and Prevention Act and will be integral in helping adults migrate adults from smoking to a less harmful alternative than tobacco. The company also believes that the product does not appeal to non-smokers or former smokers. '
The CEO of the company, Larry Wexler, said, "While we believe the FDA's current conclusion is misguided, we will continue our dialogue with the agency in search of a path forward. As we explore options for appealing this decision, we are hopeful that the agency reaffirms its commitment to science-based decision making and to its announced Comprehensive Plan, which includes fully transitioning adult consumers down the continuum of risk in order to reduce the morbidity and mortality associated with combustible cigarette use by preserving the diverse vapor market."
The shares of the company are currently trading at $45.65, down $2.83 or 5.83% since their previous close at $48.47 on Thursday. The shares opened at $47.27 in the morning and in the 52-week period, they have traded in the range of $25.99 and $61.08.
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