After two costly vaping acquisitions (JUUL & NJOY), Altria shares are down 3% following the first ever authorization of non tobacco, non menthol flavored vapes. This once again raises questions around management's capital allocation in What's behind the explosive growth of JUUL Vaping versus JUULing: how the extraordinary growth and marketing of JUUL transformed the US retail e cigarette market Tobacco Control Juul vs. Zyn: Business Book Club #2 by Elyssa Goldberg The impact of JUUL market entry on cigarette sales: evidence from a major chain retailer in Canada Harm Reduction Journal Springer Nature Link Altria (MO) Takes $4.5 Billion Charge on Juul Stake Bloomberg