"This investment will allow Juul Labs to maintain business operations, continue advancing its administrative appeal of the FDA's marketing denial order and support product innovation and science generation," a company spokesperson wrote in an email.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.
Another setback came in September when the company's largest investor, tobacco giant Altria, announced plans to resume competing on its own in the e-cigarette space. The decision means Juul could soon be forced to battle for space on retail shelves with Marlboro-maker Altria, along with longstanding competitors like Reynolds American's Vuse, which recently edged past Juul to become the leading U.S. vaping brand.
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Vaping company Juul cuts 400 jobs amid growing setbacksEmbattled vaping company Juul Labs announced hundreds of layoffs Thursday as the company weathers lawsuits, government bans and increasing competition for its electronic cigarettes.
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