Altria wrote down its investment in Juul by about one-third, recording a $4.5 billion pre-tax charge against its third-quarter earnings, the company said Thursday.
In the nearly year since announcing the deal, Juul has been embroiled in controversy.Altria said there was not a single event or factor that led to the write down. It cited the Trump administration's plans to remove flavored e-cigarettes from the market, as well as e-cigarette bans that cities, states and countries are enacting.
In the nearly year since announcing the deal, Juul has been embroiled in controversy. The company is largely blamed for fueling an epidemic of teen vaping. Consumers are questioning the safety of e-cigarettes amid an outbreak of a mysterious vaping-related lung injury. The illnesses appear to be related to THC, though a number of patients have reported only vaping nicotine, the addictive chemical in Juul and other e-cigarettes.
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