Sep 19, 2019

Altria's Juul investment is in trouble

Illustration:Aïda Amer/Axios

Altria's $12.8 billion investment for a 35% stake in Juul is at risk of becoming one of the worst corporate investments of all time.

The big picture: Sometimes it's darkest before the light, but right now it looks like Altria got smoked.

The latest: Juul keeps getting hit left and right these past few weeks — particularly after the recent spate of vaping-related lung diseases. Juul is also facing a possible Congressional subpoena after failing to provide documents in July.

Last week, President Trump proposed banning all flavored vaping pods from the U.S. market, including mint and menthol.
Earlier this week, Juul products disappeared from Chinese e-commerce sites JD.com and Alibaba's Tmall, without explanation.
Yesterday, India banned e-cigarettes entirely.

Go deeper: The global anti-vaping tipping point

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Dion Rabouin

Altria's big bet on Juul is going horribly wrong

Data: Investing.com; Chart: Axios Visuals

Altria's $12.8 billion investment for a 35% stake in Juul is at risk of becoming one of the worst corporate investments of all time.

Driving the news: So far, vaping is suspected or confirmed as the cause of death for 8 people and 530 cases of pulmonary illness across 38 states, the CDC said, with a federal official saying that a criminal probe has begun.

Go deeperSep 20, 2019 - Health

Axios

Juul suspends U.S. advertising as it names new CEO

Photo: Eva Hambach/AFP/Getty Images

Vaping startup Juul announced Wednesday that it would suspend all broadcast, print and digital advertising of its products in the U.S.

The big picture: The move comes alongside the ouster of CEO Kevin Burns. He will step aside immediately for K.C. Crosthwaite, who previously served as tobacco giant Altria's chief growth officer.

Go deeperSep 25, 2019

Orion Rummler

Court temporarily stalls New York ban on flavored e-cigarettes

A man smokes an e-cigarette in New York in 2017. Photo: Jewel Samad/AFP/Getty Images

A state appellate court blocked New York's ban on all flavored electronic cigarettes the first week of October, preventing New York from becoming the second state to put such a ban in place, the Wall Street Journal reports.

The big picture: The Food and Drug Administration announced last month that it was finalizing plans to pull all flavored e-cigarette cartridges from the market. Massachusetts currently has the harshest vaping ban in U.S.

Go deeperUpdated Oct 4, 2019