As Juul grapples with teen vaping ‘epidemic,’ CEO tells parents ‘I’m sorry’
Angelica LaVito
CNBC
July 13th, 2019
Angelica LaVito
CNBC
July 13th, 2019
Read the full story here.Kevin Burns, CEO of Juul Labs — the maker of the bestselling e-cigarette in the U.S. and center of federal regulators’ crackdown into what they’re calling a teen vaping “epidemic” — has a message for parents whose children are addicted to his company’s products: “I’m sorry.”
Since launching in 2015, Juul has quickly come to dominate the e-cigarette industry with roughly 40% of the market, becoming such a dominant player that Altria, the top U.S. cigarette company, invested $12.8 billion for a 35% stake in the San Francisco-based start-up. But the company has a problem: Its vapes are incredibly popular with teenagers.
The Food and Drug Administration has declared teen vaping an “epidemic,” citing federal survey data that showed nearly 21% of high school students vaped last year. Former FDA Commissioner Scott Gottlieb and health care advocates blame the surge in teen vaping on Juul.
CNBC’s Carl Quintanilla interviewed Burns for a documentary, “Vaporized: America’s E-cigarette Addiction,” which premiers Monday at 10 p.m. ET. Quintanilla, who toured one of Juul’s manufacturing facilities in Wisconsin with Burns, asked him what he would say to a parent with a child who was addicted to Juul.
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Despite the unknowns, some researchers say e-cigarettes could help the U.S.′ 34.3 million smokers. Regulators in the U.K. are actively encouraging smokers to give up their cigarettes in favor of e-cigarettes, while the debate in the U.S. proves far more contentious.