Breaking: Juul Raises $700 Million – Report

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© Reuters. © Reuters. – Vaping company Juul Labs has raised a more funds for its operations at a time when the sector is getting hit hard by new regulations, The Wall Street Journal reported Thursday.

  • Juul raised more than $700 million in convertible debt, the Journal said, citing people familiar with the matter.
  • The company is facing numerous lawsuits over its marketing practices that allege it encouraged underaged vaping.
  • Altria Group (NYSE:), which took a 35% stake in Juul in 2018, rose 1%. The tobacco giant wrote down another $4 billion on its investment in the vaping company last week, bringing the value of the stake to $12 billion from $38 billion originally.
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