Moneycontrol

Budget 2023Budget 2023

PARTNERS

  • Tata AIA Life Insurance
  • Hafele
  • Motilal Oswal
Upcoming Event : LeapToUnicorn - mentoring, networking and fundraising for startups. Register now
Budget 2023
Budget 2023
you are here: HomeNewsWorld

Juul e-cigarettes to be ordered off US shelves

Shares in tobacco giant Altria Group, which owns a 35% stake in the vaping products maker, fell 8.5% following the report. The decision could come as early as Wednesday, the report said.

June 23, 2022 / 09:58 AM IST

The U.S. Food and Drug Administration is preparing to order Juul Labs Inc to take its e-cigarettes off the market in the United States, the Wall Street Journal reported on Wednesday, citing people familiar with the matter.
Shares in tobacco giant Altria Group, which owns a 35% stake in the vaping products maker, fell 8.5% following the report. The decision could come as early as Wednesday, the report said.

Juul has faced heightened scrutiny from regulators, lawmakers and state attorneys general over the appeal of its nicotine products to teenagers. Under pressure, the company in late 2019 had halted U.S. sales of several flavors.

The FDA declined to comment on the report, while Altria and Juul did not respond to requests for comment from Reuters.

"This clearly comes as a surprise to the market ... we would expect that Juul would appeal the decision, and remain on the market through that process, which would likely take a year or more," Cowen analyst Vivien Azer said.