Altria exchanges stake in Juul for heated-tobacco mental property

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Tobacco large Altria
MO,
+0.15%
on Friday stated it had exchanged its minority stake in embattled e-cigarette maker Juul for “a non-exclusive, irrevocable world license to sure of JUUL’s heated tobacco mental property.” Altria Chief Government Billy Gifford stated in an announcement that “We consider exchanging our Juul possession for mental property rights is the suitable path ahead for our enterprise. Juul faces important regulatory and authorized challenges and uncertainties, lots of which might exist for a few years. We’re persevering with to discover all choices for the way we are able to finest compete within the e-vapor class.” Altria stated it estimated the worth of its funding in Juul at $250 million. It stated it will e-book the monetary impression of Friday’s determination within the first quarter. Shares completed 0.2% greater throughout common buying and selling on Friday, and had been up 0.1% after hours.

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