American electronic cigarette company that spun off from Pax Labs in 2017. Juul Labs makes the Juul electronic cigarette, which atomizes nicotine salts derived from tobacco supplied by one-time use cartridges Juul has agreed to pay $1.2 billion to resolve an estimated 10,000 lawsuits claiming the company has been a catalyst for the youth-vaping epidemic in the U.S., according to Bloomberg, as the e-cigarette maker continues to face litigation for allegedly marketing its nicotine products to teenagers.
RELATED: The Sergey Brin Story: How The Google Co-Founder Became A Multibillionaire
“These settlements represent a major step toward strengthening Juul Labs’ operations and securing the company’s path forward to fulfill its mission to transition adult smokers away from combustible cigarettes while combating underage use,” Juul said in a statement Wednesday.
$1.3 billion. That’s how much Juul had in revenue for 2021, according to the New York Times. It previously had $2 billion in revenue for 2019.
According to Forbes, Massachusetts was the first state to file a lawsuit against Juul in July 2018, alleging the company had illegally advertised and sold nicotine products to minors. Connecticut Attorney General William Tong, who led the investigation leading to the September settlement, said in a release the company has “relentlessly marketed vaping products to underage youth, manipulated their chemical composition to be palatable to inexperienced users, employed an inadequate age verification process and misled consumers about the nicotine content and addictiveness of its products.” Juul has continued to deny the allegations while noting in its Wednesday statement that the company is “charting a path” toward reducing tobacco use in adults.
READ NEXT: MDLBeast Soundstorm 2022: Biggest Comeback Of All Time, Five Rap Legends Light Up The Big Beast Stage With DJ Khaled
Sources: Bloomberg, Forbes, New York Times.
Source: Read Full Article