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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

7 hours ago - World

Maximum pressure campaign escalates with Fakhrizadeh killing

Photo: Fars News Agency via AP

The assassination of Mohsen Fakhrizadeh, the architect of Iran’s military nuclear program, is a new height in the maximum pressure campaign led by the Trump administration and the Netanyahu government against Iran.

Why it matters: It exceeds the capture of the Iranian nuclear archives by the Mossad, and the sabotage in the advanced centrifuge facility in Natanz.

Scoop: Biden weighs retired General Lloyd Austin for Pentagon chief

Lloyd Austin testifying before Congress in 2015. Photo: Chip Somodevilla/Getty Images

Joe Biden is considering retired four-star General Lloyd Austin as his nominee for defense secretary, adding him to a shortlist that includes Jeh Johnson, Tammy Duckworth and Michele Flournoy, two sources with direct knowledge of the decision-making tell Axios.

Why it matters: A nominee for Pentagon chief was noticeably absent when the president-elect rolled out his national security team Tuesday. Flournoy had been widely seen as the likely pick, but Axios is told other factors — race, experience, Biden's comfort level — have come into play.

Updated 9 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: WHO: AstraZeneca vaccine must be evaluated on "more than a press release."
  2. Politics: Supreme Court backs religious groups on New York COVID restrictions.
  3. World: Thailand, Philippines sign deal with AstraZeneca for vaccine.
  4. Economy: Safety nets to disappear in December Black Friday shopping across the U.S., in photosAmazon hires 1,400 workers a day throughout pandemic.
  5. Education: National standardized tests delayed until 2022.