August 2026: Haypp Group Secures SEK 400 Million Credit Facility with Danske Bank
Haypp Group has entered into a SEK 400 million revolving credit facility agreement with Danske Bank through its wholly owned subsidiary, Snusbolaget Europa AB. The facility carries an initial tenor of two years. The agreement will primarily replace the group’s existing overdraft facility of approximately SEK 170 million. Following the restructuring, the overdraft facility will be scaled back to SEK 50 million to handle short-term liquidity fluctuations.
Management does not anticipate borrowings under the new facility to exceed the group’s current debt levels, meaning the refinancing is not expected to raise overall financial leverage. The secured facility enhances the company’s financial flexibility without expanding its debt burden, supporting its long-term growth strategy. The agreement is designed to strengthen Haypp’s overall capital structure, improve liquidity visibility, and offer capacity for future expansion initiatives.
April 2026: Haypp Group Updates Segment Reporting
Haypp Group announced a change in its segment reporting structure, effective from January 1, 2026, to align external reporting with the updated internal management structure and strategic priorities. Consequently, the Emerging segment will no longer be reported as a separate segment. In 2025, Haypp reported three operating segments: Core, Growth, and Emerging. The Emerging segment comprised vape and heated tobacco products across all geographies. As of 2026, Haypp’s new organizational structure reflects a shift toward increased market autonomy so responsibility for vape and heated tobacco products has been transferred to local market teams.
As a result, vape operations in Sweden will be incorporated into the Core segment while vape & heated tobacco operations in Germany will be incorporated into the Growth segment. The updated segment reporting does not affect Haypp’s historical financial performance, cash flow, or overall financial position. Haypp published recast historical financial data to support performance analysis.
Download Haypp Recast Data
March 2026: Haypp Group issues new shares to acquire warrants
Haypp Group has carried out a tender offer for 775,000 warrants issued under the company’s incentive program. Payment for the repurchased warrants will be made through the issuance of 502,402 new Haypp shares at a subscription price of SEK 125 per share. The new shares represent 1.6% of the total number of shares outstanding after the issue. The company is acquiring the warrants at market value, with total consideration amounting to SEK 64.8 million. Following the share issue, the total number of shares and votes in the company will increase to 31,125,651, while share capital will amount to SEK 2,118,879.
March 2026: Haypp Exits UK Vape Category to Focus on Nicotine Pouches
Haypp has announced its exit from the UK vape category as it shifts its focus toward the oral nicotine segment. The decision follows an internal review of sales data across Haypp’s six core markets – the UK, the US, Germany, Norway, Switzerland and Sweden – which showed accelerating adoption of nicotine pouches. Company research indicates that nicotine pouches have now surpassed traditional snus in both Sweden and Norway, two markets with long-established snus consumption.
In the UK, Haypp reports rapid growth in its nicotine pouch customer base, with more than a quarter of new pouch customers switching directly from vaping products. The company views this as an early indication of a broader shift in consumer preferences, with increasing crossover from vaping into oral nicotine formats.
Haypp plans to leverage its experience in the Nordic markets to support the development of the UK pouch category. This includes continued emphasis on product testing standards, age-verification systems and engagement with policymakers. While acknowledging the role vaping products continue to play in tobacco harm reduction strategies, the company’s data suggest that nicotine pouches are emerging as a leading next-generation alternative in several key markets.
January 2026: Swedish Court Upholds Revocation of Snusbolaget Norden AB’s Tobacco Sales License
The Administrative Court of Appeal in Stockholm upheld the decision to revoke the license of Snusbolaget Norden AB, a subsidiary of Haypp Group, to sell tobacco products in Sweden, including traditional snus. The ruling confirms an earlier decision by the City of Stockholm’s Licensing Unit.
The case originates from a decision taken in September 2024, when the Licensing Unit within the City of Stockholm’s Social Welfare Department revoked the company’s tobacco sales license. The decision was initially appealed to the Administrative Court in Stockholm, which in June 2025 allowed Snusbolaget Norden AB to continue operating under a formal warning. That ruling was subsequently appealed, leading to the present judgment by the Administrative Court of Appeal.
Haypp Group has three weeks to assess the judgment and determine whether to seek leave to appeal to the Supreme Administrative Court. The company has stated that it does not expect the decision to have a material financial or operational impact on its Swedish operations. Snusbolaget Norden AB represents less than 1% of Haypp Group’s total net sales and the Group has been shifting its business focus toward tobacco-free nicotine products since 2018.
October 2025: Haypp reaches settlement in the San Francisco lawsuit
Haypp Group announced that its US subsidiary Northerner Scandinavia Inc reached a settlement in the lawsuit filed by the San Francisco City Attorney. As part of the settlement, Haypp agreed to pay $2.5 million to the City of San Francisco, whereof $1 million is already reserved. The remaining amount will be reported as a comparability affecting item in Q3 2025.
The San Francisco City Attorney filed a complaint against Northerner Scandinavia Inc and two other entities regarding the online sale of flavored nicotine products to residents of San Franciso. Northerner Scandinavia Inc reached a settlement with the City Attorney of San Francisco and the People of the State of California, according to which Northerner will make a one-time payment and discontinue all sales of nicotine products to San Francisco residents.
September 2025: Haypp resumes ZYN sales in the U.S.
Haypp announced that it will resume U.S. sales of ZYN products in September 2025 with direct supply from Philip Morris International. In the Q2 2024, before the ZYN supply shortage in the U.S., ZYN accounted for 46% of Haypp’s U.S. sales. Haypp also re-iterated its commitment to the FDA’s strict regulatory requirements – which include ongoing monitoring to ensure no significant increase in underage usage through robust age verification assurance.
June 2025: Haypp to be re-included in the Nasdaq’s First North 25 Index
Nasdaq announced the results of the semi-annual review of the First North 25 Index and added Haypp to the index effective at market open on July 1, 2025. The First North 25 Index measures the performance of a selection of the largest and most traded securities listed on the Nasdaq Nordic First North Growth Markets (Denmark, Finland, Iceland and Sweden). The Index is reviewed semi-annually in January and July. Haypp was previously removed from the index in the January 2025 review after its share price collapsed from SEK110 to SEK60. The re-inclusion decision comes after Happy shares (now around SEK125) more than doubled in the first six months of 2025.
Nasdaq First North Growth Market is a division of Nasdaq Nordic and an alternative stock exchange for smaller (growth) companies in the Nordics. More than 550 companies are currently listed on the exchange.
May 2025: Insider sellling ruined the “Party”
Haypp made a new all-time high at SEK122.6 on May 7, 2025 after almost doubling since the beginning of the year. On the same date, four top Haypp executives sold a total of 252,536 shares at a price of SEK106 per share (total amount: SEK 26.8 million). Following the share disposition, Haypp CFO, COO and CLO (Chief Legal Officer) are left with no or a marginal amount of Haypp shares. Haypp CEO still owns 1.01 million shares (3.3% stake) after selling 51,865 shares. Happ shares lost almost 10% in early trade following the news.
April 2025: Nicokick and Zone partners in motorsports sponsorship
Zone nicotine pouches, marketed by Imperial Brands, and its preferred digital partner Nicokick, Haypp Group’s U.S. affiliate, will co-sponsor Kyle Busch’s No. 8 car at the upcoming Talladega race on April 27, 2025. This marks Nicokick’s first co-branded campaign with Zone and the No. 8 car, already known for its association with Zone, will debut a refreshed, dual-branded design highlighting Nicokick’s expanded role in supporting and growing Zone’s digital footprint. To commemorate the sponsorship, select purchases of Zone made between April 28 and May 2 on Nicokick will be eligible for a limited-edition Kyle Busch autographed can. On race day, Busch will sport a custom driver suit featuring co-branded Nicokick and zone livery, while the No. 8 pit crew will wear fire suits showcasing some of Zone’s most popular flavors – including Mint, Dragonfruit, Citrus, Spearmint, and Wintergreen.
April 2025: Nicokick and Northerner announced a one-year agreement as preferred online partners for ALP nicotine pouches
Haypp Group’s U.S. affliates, Nicokick and Northerner, announced a one-year agreement as preferred online partners for ALP nicotine pouches launched by Tucker Carslon. ALP nicotine pouches are marketed by ALP Supply Co., a newly formed 50/50 joint venture between the Tucker Carlson Network and Turning Point Brands. Read more: Alp Nicotine Pouches: Tucker Carlson and Alps Tucker Carlson. The partnership could extend the agreement beyond the initial term.
ALP nicotine pouches are available in three strengths (3mg, 6mg, and 9mg) and four distinct flavors: Chilled Mint, Mountain Wintergreen, Refreshing Chill, and Tropical Fruit. List price, also known as MSRP (Manufacturer’s Suggested Retail Price) is $4.99 for a can of 20 ALP nicotine pouches. However, its is sold at $4.79 online.
Established in 1998, Northerner is the a major global online retailer of nicotine pouches. Northerner’s US platform has an inventory of over 200 tobacco leaf-free nicotine products. However, Nicokick is Haypp’s main operating affliate in the U.S.
April 2025: Haypp proposes Lars-Johan Jarnheimer as new Chairman
Haypp proposes that Lars-Johan Jarnheimer be appointed as new Chairman of the Board of Directors and Helena Juhlin Pink as new member of the Board at the Annual General Meeting (AGM) on May 15, 2025. Haypp also proposes the re-elecetion of four of the exisiting board members and a board composition of six ordinary members with no deputy directors.
Neither Jarnheimer nor Pink own any shares in Haypp Group. Top-10 shareholders own close to two thirds of Haypp’s share capital and voting rights.
September 2024: Haypp shares are down 25% in September 2024
Increasing regulatory scrutiny on the online sales of nicotine products in the key markets (USA, Sweden & Norway) had its toll on the Haypp share price. Haypp shares lost 25% in September 2024 and closed the month 30% below its all-time (SEK118) from August 2024. More critical observation of online retailers by the US FDA, San Francisco lawsuit, uncertainty on the regulatory status of nicotine pouches in Norway (i.e. sustainability of the current work-around which is based on the addition of a minuscule amount of tobacco) and snus license revocation in Sweden (see below for further details) are the most important developments dragging the Haypp shares.
September 2024: The Licensing Unit of the City of Stockholm revokes Haypp Group’s sales permit for traditional snus in Sweden. Haypp Group will appeal the decision
The Licensing Committee within the Social Welfare Department of the City of Stockholm revoked Snusbolaget’s sales permit for tobacco products, including snus. Snusbolaget is the largest retailer of nicotine pouches in Sweden and a subsidiary of Haypp Group.
The Committee’s divided decision is based on the nonconformity to age verification requirements upon delivery of tobacco products in Sweden. Haypp Group states that they use BankID at the point of purchase in Sweden to ensure age restriction compliance and the decision to grant sales permit for tobacco products, including traditional snus, in 2020 was in accordance with the use of BankID. Following the decision of the Committee, Haypp will adapt its age verification process and only offer delivery options that allow for age verification at the point of delivery (currently ~60% of orders in Sweden). Nevertheless, Haypp underlines its view that the matter was improperly handled by the City of Stockholm. While complying with the additional requirements, Haypp will appeal the sales permit revocation at the Swedish administrative court. During the appeal, Snusbolaget will be able to continue to operate as usual under its current sales permit.
The decision from the City of Stockholm only relates to the sales of traditional tobacco products (snus) and has no bearing on the sales of nicotine pouches. Tobacco-free products do not require a sales permit to sell in Sweden. Snus in Sweden accounted for ~20% of Haypp Group’s total net sales in Q2 2024, declining from well above 95% seven years ago. In Q2 2024, nicotine pouches accounted for 61% of Haypp’s total volume, growing 43% year-on-year basis.
September 2024: The Licensing Unit of the City of Stockholm proposes to revoke the Swedish sales permit for traditional snus
The Licensing Unit within the Social Welfare Department of the City of Stockholm (the Licensing Unit) drafted a proposal ahead of the Licensing Committee’s meeting on September 18, 2024. The proposal sets out that sales permit of Snusbolaget Norden (a subsidiary of Haypp Group) for tobacco products on the Swedish market shall be revoked.
Snus sales in Sweden represented ~20% percent of Haypp Group’s net sales in Q2 2024; however, its weight in sales is in a declining trend as the nicotine pouch volume grows fast. Haypp believes that their service remains critical to Swedish consumers in rural areas. Haypp states that there is no basis for revoking Snusbolaget’s sales permit and will submit its response to the proposal no later than September 13, 2024.
The origin of the proposal is that the City of Stockholm’s Social Welfare Department and Haypp Group have different interpretations regarding how customers should be age-verified when delivering tobacco products in Sweden. Haypp is confident in implementing any additional age verification requirements that the Licensing Committee deems necessary.
Company Profile
Based in Stockholm, Sweden, Haypp Group is the world’s largest pure-play online retailer for smoke-free nicotine products. Present in seven countries with eleven e-commerce sites, Haypp Group has close to six hundred thousand active consumers at the end of Q2 2024. The Group’s e-commerce sites include haypp.com, nicokick.com, snushjem.no, snusbolaget.se, snus.com, snusmarkt.ch, northerner.com, snuslageret.no, snusnetto.com, nettotobak.com and vapeglobe.de.
