Author: Taco Tuinstra

Pyxus Appoints Corporate Treasurer

Illustration: Skypixel | Dreamstime.com
Pyxus International appointed Tomas Grigera as its vice president and corporate treasurer.
Grigera joins Pyxus with more than 20 years of financial experience, spending the past 14 years employed by The Goodyear Tire and Rubber Co. During that time, Grigera oversaw various financial and treasury responsibilities on a global scale, including working capital management, forex strategy and trading, complex debt restructurings and liquidity planning. Grigera began his career in financial consulting and holds a Master of International Affairs degree from Columbia University.
“I am pleased to welcome someone of Tomas’ caliber to the company,” said Pyxus Chief Financial Officer Flavia Landsberg in a statement. “His extensive background cultivating and successfully executing financial strategies and strong stakeholder relationships throughout global markets are only a few examples of the value Tomas brings to Pyxus and our finance team.”
Grigera reports to Landsberg and is responsible for directing and managing the company’s corporate treasury functions, investor relations, financial planning and management reporting, and related activities.
February 10, 2022
Pyxus Exits Canadian Cannabis Operations

Photo: Pyxus International
Pyxus International has completed the sale of assets of FIGR Norfolk, the final key step in the company’s strategic decision to exit its cash flow negative cannabinoid operations.
With the completion of this sale, which occurred on Jan. 28, 2022, no subsidiaries of the company produce or sell Canadian cannabis in any capacity. In addition, the company is no longer involved in activities related to industrial hemp or CBD.
“Since announcing our intention to focus on tobacco and e-liquids last year, we have made tremendous strides in streamlining our operations and reducing our SG&A costs,” said Pieter Sikkel, president and CEO of Pyxus International, in a statement. “Moving forward, we will continue to focus on our tobacco-related businesses while leveraging the company’s strengths in agronomy, traceability and sustainability in order to deliver value to our stakeholders.”
February 10, 2022
Dinyar S. Devitre to Retire From Altria Board

Photo: Bill Gallery
Dinyar S. Devitre will retire from Altria Group’s board of directors following the completion of his current term. Consequently, Devitre will not stand for re-election to the board of directors at Altria’s 2022 annual meeting of shareholders, which is presently anticipated to be held on May 19, 2022.
“Altria has benefited from Dinny’s significant contributions for nearly 50 years, including the time he served as Altria’s senior vice president and chief financial officer and his 14 years on the board,” said Kathryn McQuade, Altria’s independent board chair, in a statement. “We thank him for his remarkable service to this company.”
“I’ve had the privilege and benefit of working closely with Dinny over my time in leadership,” said Billy Gifford, Altria’s CEO. “We will miss his insights and perspective built from so many years of distinguished service and wish him all the very best.”
A director on Altria’ s board since 2008, Devitre is the chair of the finance committee and a member of the compensation and talent development, nominating, corporate governance and social responsibility, and executive committees.
He is a director of IHS Markit, Avestar Capital, Pratham USA and the Brooklyn Academy of Music.
February 9, 2022
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February 8, 2022
Btomorrow Ventures Invests in Philter Labs

Photos: Philter Labs
Btomorrow Ventures (BTV) will make a follow-on investment into Philter Labs, after leading the round for the Preferred Series A.
Philter Labs supplies micro-filtration systems for the cannabis and nicotine markets with its patented Particulate Capture Technologies (PCT) for standalone handheld filters and next-generation vaping devices that removes particulates, airborne contaminants and odor from secondhand smoke and exhalant.
“We are delighted to have Btomorrow Ventures continued confidence and financial support,” said Christos Nicolaidis, CEO of Philter Labs, in a statement. “We will use the funds to support new product launches in the first quarter of 2022 along with furthering our development of exciting new products that incorporate our patented filtration technology to be launched later this year.”
Philter Labs says it has a robust new product pipeline, with several products planned to launch this year and next. All of these products are designed for ease of consumer use in eliminating secondhand smoke, with a focus on collective social responsibility for more conscious consumption.
BTV is the corporate ventures unit of BAT. Established early in 2020, BTV invests in high growth businesses, from seed funding to those looking for further, series B investment.
Tobacco Reporter profiled Philter Labs in its September 2020 issue.
February 8, 2022
Morgan Stanley: Antitrust Loss May be Win for Altria

Photo: Andriy Blokhin
The Federal Trade Commission (FTC) may issue its initial decision in the Altria Group/Juul Labs antitrust case by Feb. 17, according to Morgan Stanley. The investment bank expects the FTC to instruct Altria to divest its stake in the e-cigarette manufacturer.
While Morgan Stanley expects the market to react negatively if the FTC finds that Altria’s investment violates antitrust law, it sees little downside to Altria from an adverse ruling.
Altria would likely appeal the decision, which could result in a multiyear legal process, first with the full Commission and then at the U.S. Court of Appeals. Altria would be able to retain its stake in Juul during this process.
What’s more, Juul’s impaired valuation—the company was worth $1.7 billion in the fourth quarter of 2021, down from $12.8 billion—underscores Juul’s tempered growth prospects.
Also, continuing the legal process leaves open the possibility that the companies can reach a favorable settlement.
Alternatively, if Altria does not contest the FTC’s decision and sells its stake in Juul, it would benefit from crystallizing its loss on the original investment, according to Morgan Stanley, and could apply the tax shield to offset capital gains elsewhere
The case dates to April 2020, when the FTC filed an administrative complaint against the companies, alleging that Altria’s investment in Juul violates federal antitrust laws and seeking to unwind Altria’s investment.
The case has been before the administrative law judge since June 2021, with Altria and Juul defending their relationship and presenting extensive evidence and witnesses in support of maintaining Altria’s investment.
The administrative law judge’s initial deadline to decide was Dec. 22, 2021, but the judge filed an extension twice due to the complexity of the issues and extensive amount of materials in the case.
February 8, 2022
Pyxus Recognized for Climate Efforts

Photo: Tobacco Reporter archive
Pyxus International has been recognized by CDP for its coordinated action to address climate change, water security and deforestation. CDP is a global nonprofit that runs the world’s environmental disclosure system for investors, companies, cities, states and regions.
Based on the data reported by the company through CDP’s annual environmental disclosure and scoring process, Pyxus achieved a B score for its performance in the environmental focus areas of climate change and water security, and a B- score for its efforts to address deforestation. CDP’s scoring scale ranges from an A to a D-.
Pyxus’ scores reflect the data compiled from its family of companies and brands, was scored by CDP-accredited scoring partners and measured against nearly 12,000 entities as part of this year’s process.
“As a global agricultural company, Pyxus is uniquely positioned to create a positive impact on the environment in a number of regions across our supply chain,” said Pieter Sikkel, president and chief executive officer of Pyxus, in a statement. “CDP’s recognition of our environmental transparency and action reaffirms the importance of our business’ ESG strategy and the strides we are making to leave the world better than we found it.”
In December 2021, Pyxus unveiled the framework of its environmental, social and governance (ESG) strategy, building off the company’s legacy of sustainable agricultural production. Implementing sustainable solutions that further improve the company’s environmental performance and reduce its environmental footprint is one of three key pillars outlined in the framework.
“Pyxus’ 2021 CDP scores can be attributed to a series of successful company initiatives—from helping farmers transition to sustainable fuel sources to planting millions of trees worldwide—that are part of our overall strategy to reach net-zero value chain emissions by 2050 and zero net global deforestation by 2030,” said Sikkel.
“Our company has an important role to play in addressing climate change and we are committed to working with farmers to help them reduce their carbon footprints. We are proud to be recognized by CDP for our efforts and look forward to continuing to share more about our climate change initiatives in the future.”
Pyxus began reporting its greenhouse gas emissions to CDP in 2009, its water data in 2014 and its forestry data in 2020.
February 7, 2022
ITC Quarterly Revenue up 30 Percent

Photo: Wirestock
ITC reported an operating revenue of INR183.66 billion ($2.46 billion) in the October-December period, up 30 percent over the corresponding quarter in 2020, according to Business Today.
Growth was boosted by the company’s agricultural and cigarette businesses. ITC’s cigarettes segment posted remarkable growth following a long period of decline. At INR69.59 billion, revenue from cigarettes was 14.3 percent higher year-on-year and grew 12 percent sequentially. According to Edelweiss securities, it was way above its estimated growth rate of 8 percent.
ITC’s agri-business revenue jumped 90 percent in the third quarter of fiscal 2022 from the year-ago period, while it grew by 82.7 percent sequentially. Strong exports offset weak domestic demand for the company’s agricultural products, which include leaf tobacco, during the quarter.
“Robust recovery continued across markets aided by increase in mobility and agile supply chain and market servicing,” ITC wrote in a statement. Market standing reinforced leveraging portfolio vitality, product accessibility and execution excellence. Business continues to invest in augmenting assortment to strengthen its competitive position and counter illicit trade.”
February 7, 2022
UN to Raise Awareness of Microplastics Impact

Photo: miklyxa
The UN Environment Program (UNEP) and the Secretariat of the World Health Organization Framework Convention on Tobacco Control (WHO FCTC) will launch a social media campaign to raise awareness about the environmental and health impacts of microplastics in cigarette butts, the United Nations reports on its website.
Cigarettes are the most discarded waste item worldwide. Globally, more than 6 trillion cigarettes are produced annually, each containing filters, or butts, that are mainly composed of microplastics known as cellulose acetate fibers.
However, cigarette butts that are not properly disposed of get broken down by factors such as sunlight and moisture, thus releasing microplastics, heavy metals and many other chemicals, according to the UN.
Cigarette butts account for more than 766 million kilograms of toxic trash each year. They are also the most common plastic litter on beaches, making marine ecosystems more susceptible to microplastic leakages.
When ingested, the hazardous chemicals in microplastics cause long-term mortality in marine life, including birds, fish, mammals, plants and reptiles.
These microplastics also enter the food chain and are associated with serious human health impacts, which can include changes to genetics, brain development, respiration rates and more.
The social media campaign will aim to engage influencers, as well as UNEP’s Goodwill Ambassadors and Young Champions of the Earth.
It will also include a political advocacy angle by highlighting a recent European Union directive that requires all tobacco products with plastic filters to be labelled clearly. The goal is to encourage the public to advocate for similar changes globally.
“The Secretariat of the WHO FCTC has the technical expertise of the impact of tobacco products on not just human health but also on environment,” said Atif Butt, UNEP’s chief of public advocacy.
“By joining UNEP’s and the Secretariat of the WHO FCTC’s expertise together under the Clean Seas activation on microplastics, we aim to highlight how our health is intrinsically linked to that of our planet.”
February 7, 2022
FDA Nominee Faces Stiff Senate Opposition
Robert Califf
U.S. President Joe Biden’s nominee to lead the Food and Drug Administration is facing stiff opposition in the Senate.
According to an article in The New York Times, abortion foes are urging Republican lawmakers to reject Robert Califf, who previously led the agency during the final year of the Obama administration. Meanwhile, key Democrats are withholding support over Califf’s opioid policies and industry ties.
At least five Democrats are publicly opposing his nomination, so Califf needs at least five Republicans to support him in the evenly divided Senate, where Vice President Kamala Harris has a tie-breaking vote.
The FDA commissioner role has been subject to Senate confirmation since 1988, unlike the director of the Centers for Disease Control and Prevention, who is a presidential appointee. The nominee tends to be subject to sharp questioning, but observers say the decision has never been so wrapped up in national politics unrelated to the nominee’s qualifications.
With no confirmed leader, Janet Woodcock, the interim commissioner, can serve while the nomination is pending. If Califf’s nomination is voted down, she could lead the agency for 210 more days, according to the Government Accountability Office.
February 7, 2022