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Category: Business & Finance

  • Zimbabwe, Philippines Create Tobacco Pact 

    Zimbabwe, Philippines Create Tobacco Pact 

    Tobacco producers in Zimbabwe and the Philippines have entered into a pact to work together and share expertise. Tobacco is Zimbabwe’s largest agricultural export, generating $1.3 billion from 236 million kg exported in 2024, and is expecting to export 300 million kg this year. Of that, however, 98% of the tobacco is exported raw, allowing manufacturers in 60 other countries to collect much of the profits. The Philippines, on the other hand, processes 46 billion cigarettes domestically each year.

    “This is an ideal opportunity for Zimbabwean farmers and processors,” Musi Muzite, acting executive secretary for Zimbabwe’s National Economic Consultative Forum, said. “We have made significant progress in production, and by leveraging the Philippines’ expertise in processing, we can unlock greater value across the entire tobacco chain.”

    Through the Tobacco Value Chain Transformation Plan, Zimbabwe hopes to convert the tobacco manufacturing sector into a $5 billion industry by 2030 by promoting local value addition, increasing domestic funding, and improving infrastructure, such as curing facilities. It also hopes to increase its tobacco exports in the Philippines.

    “We have been in Zimbabwe and our mission is to explore areas where we can collaborate, particularly in the production of tobacco,” Robert Ambrose, the Philippines’ National Tobacco Administration regulatory manager said. “While we have a comparative advantage in processing, Zimbabwe leads in raw tobacco production, and we see great potential in combining our strengths.” 

  • Ispire Y-Y Drops 13% for 3Q 2025

    Ispire Y-Y Drops 13% for 3Q 2025

    Ispire Technology Inc. today (May 12) reported financial results for the third quarter of fiscal 2025, for the three months ending March 31, 2025. Y-Y revenue dropped to $26.2 million from $30.0 million, and gross profit dropped to $4.8 million from $6.1 million. Y-Y total operating expenses increased to $15.4 million from $11.8 million for the third quarter, creating a net loss of $10.9 million compared to a loss of $5.9 million in 2024.

    “The progress the company made during the third fiscal quarter demonstrates that we are delivering on our promises and executing on our strategic priorities to become a leading global provider of precision dosing vape technology,” said Michael Wang, co-CEO. “We have made significant strides as we are transitioning our manufacturing to Malaysia, effectively de-risking our production strategy for the current geopolitical climate. During the third fiscal quarter, in an effort to further streamline our operations and increase margins, we moved a number of our daily functions to our Malaysian campus which we anticipate will reduce our operating expenses by $8 million annually. 

    “Another milestone also was our reduction in accounts receivable, which happened for the first time in Ispire’s history. We took the necessary steps this quarter to focus on higher-quality customers, including larger MSOs, which helped bolster our overall financial position.”

    “Over recent quarters, Ispire has made a concerted effort to decrease our accounts receivable and improve our financial stability,” Jim McCormick, Ispire CFO, said. “In order to do so, we became laser-focused on pursuing larger and higher-quality customers. The success we had in executing this strategy resulted in the company reducing accounts receivable to $60.4 million vs. $67.7 million for the third fiscal quarter of the prior year. We remain steadfast in our commitment to driving shareholder value as we continue to focus on revenue generation, margin expansion, and further reduction in our accounts receivable.”

    The company conducted a conference call this morning. A playback is available until May 15 at midnight. It can be accessed at 800-770-2030 with the passcode 9733287.

  • JT Announces First Quarter 11.7% YoY Increase

    JT Announces First Quarter 11.7% YoY Increase

    Today (May 7), JT Group reported first-quarter 2025 revenue of ¥827 billion ($5.8 billion), up 11.7% year-on-year, driven by double-digit growth in reduced-risk products (RRP). Adjusted operating profit was ¥273.8 billion ($1.9 billion), a 20.8% increase year-on-year, while net profit attributable to shareholders was ¥157.5 billion ($1.1 billion), a slight increase of 0.1% over last year.

    Management noted that the profit growth was mainly driven by the tobacco business and announced plans to divest its pharmaceutical business, with the transaction expected to close in the second half of the year. Management reiterated its medium- to long-term strategic goal of achieving approximately 15% market share in key heated tobacco markets by the end of 2028.

     “The JT Group achieved strong top-line growth in the first quarter, driven by solid pricing in the tobacco business, resulting in a 20.8% increase in adjusted operating profit at constant FX,” said Masamichi Terabatake, President and CEO of the JT Group. “In HTS [heated tobacco sticks], our strategic investment priority, Ploom steadily grew its share in Japan and overseas markets, leading to a significant 19.0% increase year-on-year in RRP volume. To accelerate our growth in RRP, we plan to launch a new Ploom device and stick ecosystem, starting with Japan. Details on the new products will be provided on May 27 at the launch event. We continue to make steady progress towards our 2028  ambitions for the RRP business of achieving mid-teen HTS segment share in key markets.”

  • Turning Point Announces 1Q YoY Increase of 28.1%

    Turning Point Announces 1Q YoY Increase of 28.1%

    Turning Point Brands, Inc. today (May 7) announced financial results for the first quarter ended March 31, with net sales increasing 28.1% YoY to $106.4 million.

    “We are pleased with our first quarter results,” said Graham Purdy, President and CEO. “Modern Oral sales were $22.3 million, up nearly 10 times versus the prior year and nearly double the prior quarter. MST and looseleaf exceeded our expectations, and Zig-Zag was in line with our expectations.”

    The announcement included a Q1 2025 Adjusted EBITDA of $27.7 million, up 12.0% over the prior year, and a reaffirmation of previously announced 2025 Adjusted EBITDA guidance of $108 million to $113 million; increasing full-year consolidated nicotine pouch sales guidance to a range of $80 million to $95 million, from $60 million to $80 million.

    The company said Stoker’s Products net sales increased 62.7%; Zig-Zag Products net sales increased 1.2%; and gross profit increased 23.3% to $59.6 million.

  • PMI Hosts Shareholders Meeting

    PMI Hosts Shareholders Meeting

    Philip Morris International Inc. held its 2025 Annual Meeting of Shareholders today (May 7), with board chairman André Calantzopoulos and CEO Jacek Olczak answering questions and presenting the company’s performance.

    “Our smoke-free transformation continues to advance rapidly,” Olczak said. “We marked the 10-year anniversaries for both IQOS and ZYN in 2024 while achieving several key milestones, including our smoke-free business reaching almost $15 billion in net revenues.

    “We are increasingly deploying a multicategory strategy with our leading brands IQOS, ZYN, and VEEV, supporting our position as the global smoke-free champion as we continue to deliver meaningful value for our shareholders.”

    Shareholders elected 11 nominees for director; approved, on an advisory basis, the compensation of named executive officers; and ratified the selection of PricewaterhouseCoopers SA as independent auditors. Final voting results will be included in a Form 8-K that PMI will file with the SEC in the coming days.

    An archived copy of the webcast is available at  www.virtualshareholdermeeting.com/PM2025.

  • BAT Debuts New Cigarette in Korea

    BAT Debuts New Cigarette in Korea

    BAT Rothmans, the South Korean subsidiary of British American Tobacco, announced today (May 7) the global launch of a new cigarette brand, Global Editions by Dunhill, with Korea serving as the first market. The release marks the debut of Dunhill’s first-ever sub-brand.

    Inspired by three of the world’s most iconic cities—New York, Paris, and London—the Global Editions aim to capture the spirit of travel and the allure of brief escapes from everyday life. The company said the brand is designed specifically with Korean consumers in mind, reflecting their tastes in both flavor and design.

    The new line includes two King Size products—the New York Edition and the Paris Edition—each featuring a dual capsule system and delivering distinctive flavor combinations. The London Edition, a Fine Cut Super Slim cigarette, offers a crisp, single-capsule experience. Tar and nicotine levels range from 3.0mg to 0.20mg in the King Size variants to 1.5mg to 0.10mg in the Super Slim.

     “Global Editions by Dunhill captures special moments of travel and offers consumers a distinctive sensory experience,” said a BAT Rothmans representative. “As we take this first step, we are committed to establishing a strong presence in the combustible cigarette market and building a new global brand story beyond Korea.”

    The three editions will be available nationwide at convenience stores and tobacco retailers, priced at 4,500 won ($3.22).

  • 22nd Century Further Reduces Debt by $1M

    22nd Century Further Reduces Debt by $1M

    22nd Century Group, Inc. today (May 7) announced that repaid an additional $1 million in debt to its senior lender. The company’s total debt principal outstanding now stands at approximately $3.9 million.

    “Our debt reduction progress has been outstanding and total debt principal is now less than $4 million, as compared with approximately $20 million of total debt obligations when I joined the company in December 2023,” said Larry Firestone, CEO of 22nd Century Group. “We are on our way to becoming debt-free, which will allow us to focus our resources on growth opportunities we see across our contract manufacturing business, as well as reduced nicotine content and branded products.”

    22nd Century will report its complete first quarter results on May 13 with a conference call the same day.

  • ALP Partnership Gets Pouches Delivered “Almost Instantly”

    ALP Partnership Gets Pouches Delivered “Almost Instantly”

    ALP announced it has partnered with Gopuff to launch a new instant delivery feature via ALP’s website. ALP Supply Co. will be using Gopuff’s new “Powered by Gopuff” technology to help ALP customers get D2C orders “almost instantly.”

    Tucker Carlson’s ALP will now offer customers the ability to order nicotine pouches and get them delivered through Alppouch.com’s “Instant Shop,” which leverages Gopuff’s 200+ micro distribution centers across the United States to deliver goods in as little as 15 minutes.

    “Our new partnership with Gopuff is designed to put the customer first and to make ALP accessible to more adult American consumers than ever before,” said ALP co-founder Tucker Carlson, “Now you can scratch that itch with the ultimate fix, which is ALP!”

  • Davidoff Announces Two U.S. Store Closures, Opens in Sydney

    Davidoff Announces Two U.S. Store Closures, Opens in Sydney

    Davidoff announced that it will be closing two of its four “Davidoff of Geneva” U.S. flagship stores this fall. The company said it is opting not to renew the leases on its stores in River Oaks in Houston or Brookfield Place in New York City, though both will remain open through September. Davidoff has two other stores in New York City and more than 60 globally. There are also three Davidoff franchises in the U.S., located in Brooklyn, Las Vegas, and Hollywood, Fla.

    “Both our River Oaks and Brookfield Place stores have been a treasured location for our valued clients,” said Lana Fraser, head of marketing and retail for Davidoff of Geneva USA. “While we have made a difficult decision to close these two locations, we remain dedicated to serving our customers at our 6th Avenue, NYC location, and our newly renovated Madison Avenue, NYC store which will reopen in summer this year. We also welcome our customers to shop with us online at DavidoffGeneva.com. We sincerely appreciate the dedication and contributions of the River Oaks and Brookfield teams and extend our heartfelt gratitude to our patrons for their loyalty and support.”

    Davidoff opened the two stores around a decade ago when the company was in a period of major investment. At one point, there were nine flagship stores in the U.S.

    On the same day, Australia’s first official Davidoff of Geneva store opened in the heart of the Strand Arcade, located just off Sydney’s bustling retail Pitt Street Mall precinct. The store owners, who previously operated the Sydney Cigar House store at the Strand Arcade, have closed that much smaller kiosk and joined the Davidoff brand.

  • Smoker Friendly Announces Promotions in Accounting Department

    Smoker Friendly Announces Promotions in Accounting Department

    The Cigarette Store LLC, the parent company of Smoker Friendly, announced the promotions of Cameron Schwehr to vice president of Finance and Accounting, and Jon Gallagher as controller. The two have worked together since 2021.

    Schwehr previously worked in public accounting for 14 years, primarily as an auditor and consultant with nonprofit, construction, and retail companies. He worked with Smoker Friendly as a contractor for six of those years before being hired as Controller in 2021.

    Jon Gallagher, nephew to Smoker Friendly president Dan Gallagher, CEO Terry Gallagher Jr., and senior vice president of Governmental and External Affairs Mary Szarmach, continues to contribute to the legacy of Smoker Friendly’s founding family with his new appointment. He joined Smoker Friendly as an entry-level accountant in 2008, and advanced to accounting analyst, lead analyst, and assistant controller before accepting his latest promotion

    “I’m excited for both Cameron and Jon to take this next step, leading our finance and accounting team, and they will be integral members of our strategic management group,” Dan Gallagher said. “Both have shown tremendous dedication and work ethic in their respective careers with Smoker Friendly.”