Juul, Cannabis, Then an Even Bigger Deal for Big Tobacco?
If Altria and Philip Morris want to quit smoking, then deals — with e-cig makers, pot producers or one another — are one way to do it.
Move over, Marlboro.
Photographer: Gabby Jones/BloombergThe long-held supremacy of the old guard in consumer products — whether in the food, beverage and beauty aisles or behind the counter on the cigarette shelves — is now being tested by popular upstarts. But Altria Group Inc., parent of the 94-year-old Marlboro brand, is saying, not so fast.
The $105 billion tobacco giant has reportedly entered talks to buy a significant minority stake in Juul Labs Inc., which in 2015 introduced e-cigarettes that have since, quite controversially, become a hot commodity among teens. Juul was valued at about $15 billion in its latest round of fundraising, which would make this one of Altria’s largest deals ever.