Altria reduces investment in troubled Juul Labs.
Altria Group has recently decreased its investment in the e-cigarette company Juul Labs by approximately 70%.
The US Food and Drug Administration's decision to expel Juul Labs from the US market is having a detrimental effect on the company's growth. In 2018, Altria Group purchased a portion of Juul Labs' equity for $12.8 billion, but its current value has dropped to just $450 million.
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