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Photo: Brianna Soukup / Getty Images

Juul Labs, a San Francisco-based maker of vaping devices, has secured $112 million of what could become a $150 million convertible note offering, per an SEC filing.

Why it matters: Because Juul's discrete devices are becoming ubiquitous among high school and college students — despite the official age minimum — and could become even bigger if marijuana legalization expands.

Juul spun out from parent company Pax Labs earlier this year and hired Kevin Burns to be its CEO. He's is a former top partner at private equity giant TPG Capital who left to help turn around yogurt-maker Chobani as COO.

Bottom line: "Juul's flat rectangular devices, shaped like USB sticks, hit the market in mid-2015 and have surpassed similar devices from the tobacco giants. Bonnie Herzog, an analyst at Wells Fargo, wrote in a report last month, citing Nielsen data over the prior four weeks, that Juul controls 32.9% of the market, ahead of British American Tobacco at 27.4% and Altria at 15.2%. According to the Nielsen data, Juul has generated revenue growth of almost 700 percent to $224.6 million in the past year." — Ari Levy, CNBC

A Juul spokeswoman declined to comment on the fundraising.

Go deeper

Biden to sign executive orders focused on women's rights

President Biden. Photo by Samuel Corum/Getty Images

President Biden will sign executive orders Monday establishing a Gender Policy Council and directing the Department of Education to review the federal law Title IX, according to administration officials.

Why it matters: The Biden administration is signaling its priorities to advance gender equity and equality as women, particularly women of color, have been disproportionately affected by the COVID-19 pandemic.

3 hours ago - World

Report: U.S. calls for UN-led Afghan peace talks

Secretary of State Antony Blinken at the State Department in Washington, D.C., in February. Photo: Jim Lo Scalzo/EPA/Bloomberg via Getty Images

Secretary of State Antony Blinken said in a letter outlining a plan to accelerate peace talks with the Taliban that the U.S. is "considering" a full troop withdrawal from Afghanistan, Afghan outlet TOLOnews first reported Sunday.

Why it matters: In the letter to Afghan President Ashraf Ghani, also obtained by Western news outlets, Blinken expresses concern that the Taliban "could make rapid territorial gain" after an American military withdrawal, even with the continuation of U.S. financial aid, as he urges him to embrace his proposal.

Harry and Meghan accuse British royal family of racism

Photo: Joe Pugliese/Harpo Productions via Reuters

Prince Harry and Meghan Markle delivered a devastating indictment of the U.K. royal family in their conversation with Oprah Winfrey: Both said unnamed relatives had expressed concern about what the skin tone of their baby would be. And they accused "the firm" of character assassination and "perpetuating falsehoods."

Why it matters: An institution that thrives on myth now faces harsh reality. The explosive two-hour interview gave an unprecedented, unsparing window into the monarchy: Harry said his father and brother "are trapped," and Markle revealed that the the misery of being a working royal drove her to thoughts of suicide.