Juuls Labs announced on Wednesday it was ‘saying goodbye to highly valued team members’ to hedge economic and compliance-related headwinds, impacting 250 people on the company’s staff.
The company subsequently agreed to secure its products behindand verify the ages of consumers who directly sell or promote its products online.
A tobacco store advertises and sells Juul tobacco products as vaping remains popular despite health warnings, on January 27, 2020, in midtown Manhattan, New York City. Juul has now reached settlements totaling roughly $1.1 billion with 46 states plus the District of Columbia and Puerto Rico, according to the Wall Street Journal.Using saved money from the job cuts, Juul Labs said it will be positioned to increase its margins while generating "meaningful free cash flow before litigation settlements."
"As difficult as this moment is, we remain fundamentally optimistic about the prospects for JLI – a view rooted in our belief that our technology and our pipeline of new innovations represent the most valuable ever brought forward to transition adult smokers away from cigarettes while combating underage use," the statement concluded.
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