Turning Point Brands makes and sells branded consumer products across alternative smoking accessories and other tobacco products (OTP). Its two flagship brands are Zig-Zag and Stoker's. Zig-Zag is a 146-year-old brand and the #1 rolling paper brand in the U.S. with roughly 33% market share, as well as the #1 make-your-own cigar wrap brand with roughly 35% share. Stoker's is an 85-year-old brand and the #1 loose-leaf chewing tobacco brand with roughly 34% share, and a growing player in moist snuff tobacco. Beyond these heritage brands, Turning Point Brands is aggressively building a third business in modern oral nicotine pouches through two brands: FRE, its own brand now in national brick-and-mortar distribution, and ALP, a 50/50 joint venture beginning to expand from D2C into retail. Modern oral grew to 34% of consolidated net sales in Q4 2025. Turning Point Brands is primarily a brand management and distribution company — roughly 75% of net sales come from outsourced production, with Zig-Zag rolling papers sourced from RTI and loose-leaf chewing tobacco from Swedish Match. The main exception is Stoker's MST, manufactured in-house in Dresden, Tennessee. The company sells through roughly 220,000 retail locations, primarily convenience stores. Free cash flow from heritage brands funds investment in modern oral, including domestic manufacturing capacity, regulatory filings, and sales force expansion.