After a long year fighting underage use of its products, Juul Labs has today struck a deal with Altria Group, the owners of Philip Morris USA and makers of Marlboro cigarettes.
The deal values Juul at $38 billion, according to Bloomberg, and injects the company with a fresh $12.8 billion in exchange for a 35 percent stake in Juul Labs.
But over the course of the last several months we were convinced by actions, not words, that in fact this partnership could help accelerate our success switching adult smokers.
He goes on to explain the strict criteria Juul Labs had for a potential investor, particularly one from the Big Tobacco space.
In November, FDA Commissioner Scott Gottlieb announced new measures for the e-cig industry meant to keep the products out of the hands of teens.
But after nearly a year of playing defense, this new deal marks a bit of an offensive push from Juul Labs.