Turning Point Brands (TPB) risk factors

48 risks, 1 new, 3 dropped, 7 reworded since the prior year. New $300 million 7.625% debt and floating-rate borrowing capacity create greater refinancing and cash-service pressure.

50 risks. Declining tobacco consumption, heavy regulatory scrutiny from the FDA, and excise taxes dominate the risk profile. Key supplier and brand dependencies create severe operational concentration vulnerabilities. Significant debt levels and an ongoing enterprise resource planning system remediation add financial and internal control risks.