Juul, the largest e-cigarette company in the world, has just received a major investment. Altria took a 35 percent stake in Juul which is valued at 38 billion dollars.
Altria is part of Big Tobacco. They own brands like Marlboro and Skoal. They offered Juul 12.8 billion dollars in cash, and Juul accepted. Altria says in a press release that they hope to help expand Juul’s mission of creating a safer way for adults to smoke.
“We are taking significant action to prepare for a future where adult smokers overwhelmingly choose non-combustible products over cigarettes by investing $12.8 billion in JUUL, a world leader in switching adult smokers,” said Howard Willard, Altria’s Chairman and Chief Executive Officer. “We have long said that providing adult smokers with superior, satisfying products with the potential to reduce harm is the best way to achieve tobacco harm reduction. Through JUUL, we are making the biggest investment in our history toward that goal. We strongly believe that working with JUUL to accelerate its mission will have long-term benefits for adult smokers and our shareholders.”
