Industry News

Troubled vape pod maker Juul Labs seeks financing

Update time : 2022-07-27 12:09:55

Recently, overseas e-cigarette maker Juul Labs is preparing to raise funds as the company faces a series of consumer lawsuits and regulations. Not long ago, the FDA tried to order its withdrawal from the U.S. market, but the order has now been suspended.

Bloomberg, citing people familiar with the matter, reported that Juul Labs had hired Centerview Partners as its banker to help it raise money and hired Kirkland & Ellis and Alvarez & Marsal to advise on litigation and restructuring.

A Juul spokesperson said: "As we continue to operate in the market and move through the FDA's appeals process, we are in the early stages of exploring options, including various potential financing options, to protect our business. "

He added, "We have full confidence in our science and evidence and believe that we can demonstrate that our products do meet statutory standards 'fit for the protection of public health'."

Overall: Juul's fate as one of the most popular e-cigarette brands in the U.S. is being closely watched by the vaping industry for its potential impact on the overall $23.6 billion vaping market.

To stay on the U.S. market, Juul must demonstrate that their e-cigarettes benefit public health. In practical terms, this means that adult smokers who use e-cigarettes are shown to be likely to quit or reduce smoking, while teens are less likely to become addicted to e-cigarettes.

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