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☆ Juul Secures Financing to Avoid Bankruptcy, Plans to Cut 30% of Jobs
▼ + stars: | 2022-11-10 | by ( Jennifer Maloney | ) www.wsj.com time to read: 1 min

Juul Labs Inc. has secured a cash infusion from some of its early investors to stave off bankruptcy and plans to lay off about a third of its global staff, company officials said. The embattled e-cigarette maker had been preparing for a possible chapter 11 filing amid a dispute with federal regulators over whether its products can remain on the U.S. market.

The once red-hot vaping company plans to lay off about 400 people and reduce its operating budget by 30% to 40%. The company said the investment would help Juul run its business operations, while it goes ahead with its administrative appeal of the U.S. Food and Drug Administration's marketing denial order related to its e-cigarettes. Last month, the Wall Street Journal reported Juul was preparing to file for Chapter 11 bankruptcy while searching for an alternative — such as a sale, investment or loan — that could stave off a filing. But following an appeal, the health regulator put the ban on hold and agreed to an additional review of Juul's marketing application. Reporting by Deborah Sophia and Ananya Mariam Rajesh in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Juul secures investment, to lay off 400 workers to stay in business
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: +1 min

Nov 10 (Reuters) - Juul Labs Inc said on Thursday it had secured an investment from some of its early investors and will undertake a reorganization, including job cuts to keep its business running. The e-cigarette maker plans to lay off about 400 people and reduce its operating budget by 30% to 40%. The move to stop bankruptcy preparations helps the company maintain its business operations and pursue its administrative appeal of the U.S. Food and Drug Administration's marketing denial order. Last month, WSJ reported Juul was preparing to file for Chapter 11 bankruptcy while searching for an alternative — such as a sale, investment or loan — that could stave off a filing, citing people familiar with the matter. Reporting by Deborah Sophia and Ananya Mariam Rajesh in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Sean 'Diddy' Combs to acquire cannabis businesses for up to $185M
▼ + stars: | 2022-11-04 | by ( Stefan Sykes | ) www.cnbc.com time to read: +2 min

Sean 'Diddy' Combs accepts the Lifetime Achievement Award onstage during the 2022 BET Awards at Microsoft Theater on June 26, 2022 in Los Angeles, California. Hip-hop mogul and businessman Sean "Diddy" Combs is venturing into the world of cannabis. The transaction marks Combs' first investment in cannabis and will create the country's first minority-owned, vertically integrated multi-state cannabis company, as well as the world's largest Black-owned cannabis company, according to a release from Combs and the companies. The deal includes four retail stores and one production facility in New York state; three retail stores and one production facility in Massachusetts; and two retail stores and one production facility in Illinois. Combs will also be able to operate retail stores in the three states.

☆ Altria to Take on Juul, Philip Morris in Smoke-Free Tobacco
▼ + stars: | 2022-10-27 | by ( Jennifer Maloney | ) www.wsj.com time to read: 1 min

Altria plans to work with Japan Tobacco to market two new devices that heat tobacco but don’t burn it or produce smoke. Marlboro maker Altria Group Inc. said it is forming a partnership with Japan Tobacco Group to develop and sell heated tobacco devices in the U.S. and abroad. The move pits Altria against its former strategic partners, Philip Morris International and Juul Labs Inc., in the race to dominate the market for smoke-free tobacco products. It also gives Altria access to markets outside the U.S. Altria’s sales have been limited to the U.S. since it split from Philip Morris in 2008.

☆ Altria partners with Japan Tobacco to bolster smoke-free category
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +2 min

[1/2] A woman poses with a cigarette in front of Altria logo in this illustration taken July 26, 2022. REUTERS/Dado Ruvic/IllustrationOct 27 (Reuters) - Marlboro maker Altria Group Inc (MO.N) on Thursday announced a strategic partnership with Japan Tobacco (2914.T) in an attempt to boost its smoke-free category. Altria and JT will jointly establish Horizon Innovations LLC, which would be responsible for U.S. marketing and commercialization of heated tobacco stick (HTS) products owned and developed by either company. Altria said the joint venture would be through its subsidiary Philip Morris USA that will hold a 75% economic interest in Horizon and Japan Tobacco International, a subsidiary of JT, holding the rest. Philip Morris agreed to pay $2.7 billion for the exclusive right to sell IQOS heated tobacco products in the United States.

☆ Juul Discusses a Possible Bailout With Two of Its Biggest Investors
▼ + stars: | 2022-10-25 | by ( Jennifer Maloney | ) www.wsj.com time to read: 1 min

Juul says it is continuing to explore several strategic options to secure its business. Juul Labs Inc. is in talks with two of its biggest investors on a bailout that could help the e-cigarette maker stave off a bankruptcy filing, according to people familiar with the matter. Hyatt Hotels heir Nick Pritzker and California investor Riaz Valani are considering putting up money to cover the vaping company’s operations and near-term legal liabilities, the people said. Messrs. Pritzker and Valani were early investors in Juul, have been longtime directors and are among the company’s largest shareholders.

☆ Juul discusses possible bailout with two of its biggest investors - WSJ
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +1 min

Oct 24 (Reuters) - Juul Labs Inc is in talks with two of its investors about a bailout that could help it avoid a bankruptcy filing, the Wall Street Journal reported on Monday, citing people familiar with the matter. The bailout would help Juul stay in business and pursue the resolution of a dispute with federal regulators over whether its products can remain on the U.S. market, according to the report. In July, Juul had said it was in the early stages of exploring several options including financing alternatives. read moreJuul did not immediately respond to a Reuters request for comment, while parent Altria Group (MO.N) deferred questions to Juul. Register now for FREE unlimited access to Reuters.com RegisterReporting by Juby Babu in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

☆ Why the FDA Banned Juul E-Cigarettes
▼ + stars: | 2022-10-21 | by ( Jennifer Maloney | ) www.wsj.com time to read: 1 min

When the Food and Drug Administration ordered Juul Labs Inc.’s e-cigarettes off the U.S. market in June, politicians and parents who had lobbied for a crackdown on underage vaping hailed their victory. But it turns out, the FDA didn’t cite a risk to children as the basis for the ban. The agency ordered Juul off the market because of technical issues, according to correspondence between Juul and the agency and other FDA documents viewed by The Wall Street Journal.

☆ Yogurt Maker Chobani Names New CFO as It Still Weighs an IPO
▼ + stars: | 2022-09-22 | by ( Jennifer Williams-Alvarez | ) www.wsj.com time to read: +2 min

The New Berlin, N.Y.-based company, known for its Greek-style yogurt, on Thursday named Tarkan Gürkan as chief financial officer. Mr. Gürkan stepped into the role on an interim basis in June after former CFO Jody Macedonio stepped down the same month. Newsletter Sign-up WSJ | CFO Journal The Morning Ledger provides daily news and insights on corporate finance from the CFO Journal team. PREVIEWMr. Gürkan previously served as chief investment officer at the family office of Chobani founder and Chief Executive Hamdi Ulukaya. An IPO is still on the table, the spokeswoman said, adding that Mr. Gürkan will help take the company public if market conditions improve.

Register now for FREE unlimited access to Reuters.com RegisterA man uses a Juul vaporizer in Atlanta, Georgia, U.S., September 26, 2019. Juul accused the FDA of violating the federal Freedom of Information Act by withholding a majority of the "scientific disciplinary reviews" underlying the sales ban. read moreMarlboro cigarette maker Altria Group Inc (MO.N) paid $12.8 billion in 2018 for a 35% stake in Juul. The case is Juul Labs Inc v Food & Drug Administration, U.S. District Court, District of Columbia, No. Register now for FREE unlimited access to Reuters.com RegisterReporting by Jonathan Stempel in New York; Editing by Richard ChangOur Standards: The Thomson Reuters Trust Principles.

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