Tobacco giant Altria on Friday said it was investing $1.8 billion in Canadian marijuana company Cronos, while also discontinuing its e-cigarette products after struggling to gain traction in a market dominated by Juul.
In October, Altria stopped selling e-cigarette “pods” and pulled almost all its flavored products from the market in an attempt to help curb teen vaping.
A spike in teen vaping has prompted a Food and Drug Administration crackdown on e-cigarettes, including severe restrictions on the sales of vaping products.
“We do not see a path to leadership with these particular products and believe that now is the time to refocus our resources. We recognize the impact this decision has on our employees and business partners, which we do not take lightly,” Howard Willard,…