Juul

Item: A JUUL e-cigarette

Acquired by the RIAV: 2022

Unlike most of the items in the RIAV, JUUL built a serious business with no evidence of financial impropriety. They did "relentlessly" market their flavored vapes to kids, though, which is a different kind of (possibly worse) impropriety.

JUUL was once the darling of the nicotine world with a $38 billion valuation after a strategic investment from Altria. They've since seen a 95% drop in implied value since the FDA, San Francisco voters, and the courts have gotten wise. Of writing, the JUUL website is still up, with a banner reminding us that "JUUL products remain available for you to purchase." For now.

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