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JSBvape world view news: by foreign media report.3rd March, Altria issued a statement that it had exchanged 35% of Juul’s shares for part of its company’s intellectual property rights in heated tobacco, officially ending its investment in Juul.
It is reported that although Juul has been committed to developing heated tobacco equipment for many years, it has never launched heat not burn products.
In Othia’s 2022 financial report, Othia’s valuation of Juul was only US $250 million, which was 98% lower than when it acquired the company with US $12.8 billion in December 2018.
“We believe exchanging our JUUL ownership for intellectual property rights is the appropriate path forward for our business.JUUL faces significant regulatory and legal challenges and uncertainties, many of which could exist for many years. We are continuing to explore all options for how we can best compete in the e-vapor category.”” said Billy Gifford, Altria’s Chief Executive Officer.
According to previous reports, Altria is planning to acquire NJOY, the third largest vape brand in the United States, in order to enter the electronic cigarette market. Different with Juul, some products of NJOY have passed the FDA’s PMTA.For this article please visit : Altria plans to acquire NJOY
In addition, after terminating the non-compete agreement with Juul last year, Altria and JT jointly formed a joint venture focusing on heated tobacco products.
Billy Gifford said that Altria would continue to explore all possibilities in order to select the best e-cigarette brand.
With regard to the withdrawal from Altria, Juul said that Altria’s withdrawal gave them complete strategic freedom and enabled them to seek other strategic opportunities and partners.
Juul is seeking potential sales, strategic investment, licensing or distribution opportunities, and has held preliminary negotiations with Philip Morris International, Japan Tobacco and Altria Group recently. According to people familiar with the matter, the negotiation is still at an early stage and may not reach a sale or cooperation agreement.