Marlboro company buys 35% stake in Juul

The Marlboro cigarette maker Altria Group on Thursday announced it would pay $12.8bn to take a 35% stake in Juul Labs, a marriage between an old-line tobacco giant and a fast-growing electronic-cigarette rival looking to make inroads among smokers.

“We are taking significant action to prepare for a future where adult smokers overwhelmingly choose non-combustible products over cigarettes,” Altrias chief executive, Howard Willard, said in a statement.

In its release on Thursday, Altria said Juul represented approximately 30% of the US e-cigarette space, when factoring in online sales and products in specialty stores such as vape shops.

Read more at The Guardian

Cahn McKenzie