Outgoing FDA chief: Altria bait-and-switched me with $12.8 billion Juul investment

Food and Drug Administration Commissioner Scott Gottlieb said on Tuesday that tobacco giant Altria went back on its promise to clamp down on vape pods with its $12.8 billion investment in e-cigarette decacorn Juul Labs.

‘I assume it’s just a business decision’Gottlieb explained that he had asked the e-cigarette industry for a plan to address the teen vaping epidemic in October last year. Altria then withdrew some of its brands, like MarkTen and Green Smoke. But around the same time, it made the investment in the top performer in the market — Juul.

He added: “I assume it’s just a business decision they made to withdraw a product that didn’t have good market penetration and go on to make an investment in a similar product that did have the market penetration.” “We do see evidence now that adult smokers are transitioning” from traditional tobacco products with the help of e-cigarettes, Gottlieb acknowledged. “But it cannot come at the expense of the youth we’re seeing.”

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

FDA considers yanking nicotine vaping pods off the marketU.S. Food and Drug Administration Commissioner Scott Gottlieb said Tuesday that his agency may need to pull pod-based nicotine products off the market as it fights a surge in teen vaping. Tobacco much! Smoke cigarettes And cigarettes? Those are still fine, just expensive eh?
Source: latimes - 🏆 11. / 82 Read more »

FDA's departing chief considers yanking nicotine vaping pods off the marketOutgoing FDA Commissioner Scott Gottlieb said he had a “difficult” meeting with Juul and Altria as his agency fights a surge in vaping by teenagers. Because unregulated bootleg nicotine vaping pods is better? We just had 2 issues in Santa Clarita with Teens and bootleg pods. Get a clue. Better they pick up vaping than real cigarettes. What a fucking joke.
Source: latimes - 🏆 11. / 82 Read more »

Buy these tobacco stocks for smokin’ profitsLook at Altria, Philip Morris International and Turning Point Brands. Why not food stocks? They consumer staples too? Does this analyst know profits alone do not decide stock performance?
Source: MarketWatch - 🏆 3. / 97 Read more »