- June 29, 2021
- Posted by: Stratford Team
- Category: Business
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North Carolina has won its vaping case against e-cigarette maker Juul in a $40 million settlement.
Attorney General Josh Stein called it a “big victory” in a tweet.
“As a result of the court order, we are requiring Juul to change the way it operates — no new flavors, strong age verification, and no marketing to kids — and it must pay NC $40m to help kids addicted to nicotine quit and to prevent others from starting,” he wrote in a tweet.
Shares of Altria, which owns a stake in Juul, fell on the news. As of March 31, 2021, the fair value of Altria’s Juul investment was $1.5 billion. Altria paid $12.8 billion for a 35 percent stake in the e-cigarette maker in November 2018.
ALTRIA FORCED TO TAKE WRITE-DOWN ON JUUL STAKE
Ticker Security Last Change Change %MO ALTRIA GROUP, INC. 47.17 -0.44 -0.92%
“This settlement is consistent with our ongoing effort to reset our company and its relationship…