Juul rocketed to the top of the U.S. vaping market five years ago on the popularity of flavors like mango, mint and creme brulee. But the San Francisco company’s rise was fueled by use among teenagers, some of whom became hooked on Juul’s high-nicotine pods.
The biggest blow came in June when the Food and Drug Administration rejected the company’s application to keep its product on the market as a smoking alternative for adults, throwing its future into uncertainty. The FDA said Juul did not adequately address key questions about the potential for chemicals to leech from its device. The FDA has placed a temporary hold on its initial decision while Juul files an appeal.
Altria pulled its own e-cigarettes off the market in 2018 after taking a nearly $13 billion stake in Juul. But that investment has lost more than 95% of its value as Juul’s prospects have dimmed, giving Altria the option to exit its non-compete agreement. Juul’s share of the $5.5 billion retail market has plummeted to about 33% from a high of 75% several years ago.
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