The start-up could end sales in 11 countries including Italy, Germany, Russia, Indonesia and the Philippines, the paper said, noting the US, Canada and Britain accounted for 90% of its sales in the first quarter. Juul was accused of illegally selling its products to underage consumers and of having targeted high school kids, unleashing a landslide of lawsuits. In countries like Indonesia and the Philippines, Juul faced hard times from government efforts to heavily tax vapor products, widely seen as a dangerous alternative to cigarettes. In addition, in April the Federal Trade Commission moved to block a huge investment by competitor Altria, which owns the Marlboro brand, in Juul. Altria had spent $12.8 billion for a 35% stake in Juul in December 2018, valuing the start-up at $38 billion.

Source: Philippine Star September 03, 2020 08:03 UTC