which makes far too much sense. According to Reuters, Altria Group Inc is in talks to take a minority stake of 20 to 40 percent in Juul Labs Inc, people supposedly familiar with the matter said on Wednesday. Of course both companies declined to comment when asked about the matter.
It's no wonder Juul was so eager to jump into the FDA's lap, they probably didn't even have to hire a single lawyer because Altria knows exactly the ropes and hoops to jump through when it comes to dealing with the feds. Juul launched just three years ago in 2015, and was recently valued at more than $16 billion based on a July 2018 funding round according to venture capital database PitchBook Data Inc.
It's been all too quiet on the big tobacco front, as their market share has been shrinking and their stock prices have been dropping, everyone in the vape and eLiquid industry has been wondering when they were going to make a move, considering their flagship iqos has been a joke since it was introduced. Aside from Altrias previous failures of acquisition, like MarkTen and GreenSmoke, it seems all too clear now that they were playing the tech game; wait for a startup to dominate marketshare and then just buy into it.
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