Exhibit 99.1

CONSENT OF HOULIHAN LOKEY CAPITAL, INC.

May 15, 2020

The Special Committee of the Board of Directors of Standard Diversified Inc.

115 Mineola Blvd.

Mineola, NY 11501

RE: Proxy Statement of Standard Diversified Inc. (“SDI”) / Prospectus of
Turning Point Brands, Inc. (“TPB”) which forms part of the Registration Statement
on Form S-4 of TPB (the “Registration Statement”).

Dear Members of the Special Committee:

Reference is made to our opinion letter (“opinion”), dated April 7, 2020, to the Special Committee of the Board of Directors (the “Committee”) of SDI. We understand that SDI has determined to include our opinion in the Proxy Statement of SDI/Prospectus of TPB (the “Proxy Statement/Prospectus”) included in the above referenced Registration Statement.

Our opinion was provided for the Committee (in its capacity as such) in connection with its consideration of the transaction contemplated therein and may not be used, circulated, quoted or otherwise referred to for any other purpose, nor is it to be filed with, included in or referred to in whole or in part in any registration statement, proxy statement or any other document, except, in each instance, in accordance with our prior written consent. In that regard, we hereby consent to the reference to our opinion in the Proxy Statement/Prospectus included in the Registration Statement filed with the Securities and Exchange Commission as of the date hereof under the captions “Prospectus Summary - Opinion of the Financial Advisor to the SDI Special Committee”, “The Merger - Background of the Merger”, “The Merger – SDI Reasons for the Merger” and “The Merger - Opinion of the Financial Advisor to the SDI Special Committee” and to the inclusion of our opinion as Annex B to the Registration Statement. Notwithstanding the foregoing, it is understood that this consent is being delivered solely in connection with the filing of the above-mentioned Registration Statement as of the date hereof and that our opinion is not to be filed with, included in or referred to in whole or in part in any registration statement (including any other amendments to the above-mentioned Registration Statement), proxy statement or any other document, except, in each instance, in accordance with our prior written consent.

In giving such consent, we do not thereby admit that we are experts with respect to any part of such Registration Statement within the meaning of the term “expert” as used in, or that we come within the category of persons whose consent is required under, the Securities Act of 1933, as amended, or the rules and regulations of the Securities and Exchange Commission promulgated thereunder.

Very truly yours,

/s/ Houlihan Lokey Capital, Inc.

HOULIHAN LOKEY CAPITAL, INC.