Report: Juul to drop plans to expand overseas

Thursday, 06. October 2022 18:40

Altria Group Inc.'s Juul Labs Inc. has decided to cancel its plan for an expansion outside the United States, which will result in job cuts, the Wall Street Journal (WSJ) reported on Thursday, citing a source familiar with the matter.

According to the source, the company's decision came in an effort to save its finances. Previously, it was reported Juul is considering filing for bankruptcy amid its legal battle with Food and Drug Administration (FDA) on whether the firm's product, electric cigarettes, should remain on the US market.

Back in June, the FDA ordered the sale of Juul's e-cigarettes to be halted as they allegedly did not meet the agency's health standards.

Related Links: Altria Group Inc.
Author:
Baha Breaking News (BBN) / JR