Chicago Atlantic announced it acted as joint lead arranger and administrative agent on a senior secured credit facility for S1 Enterprises—the parent company of vertically integrated cannabis operator Illicit—with operations in Missouri and New Jersey. Proceeds will finance the sale of 100% of the company’s equity to an Employee Stock Ownership Plan, making Illicit a 100% employee-owned S Corporation and creating a long-term ownership pathway for more than 500 employees. The ESOP structure is expected to enhance cash flow through tax-exempt status and support continued growth, investment, and employee benefits across the company’s operations.
Category: Business & Finance
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‘Billion Dollar’ Plxsur Sells for $97K: Bloomberg
According to Bloomberg News, UK-based vaping company Plxsur entered administration after failing to secure new investment and exhausting its cash reserves, before being sold out of insolvency for £76,500 (about $97,000), “abruptly ending its ambitions to build a global vaping roll-up.” Bloomberg, citing documents from administrator KR8 Advisory Ltd., reported that Plxsur had signed 12 option agreements to acquire vaping businesses — including manufacturers in Latvia and the Czech Republic — but ultimately completed none of the deals, with its own projections of capturing 10% of the global market and reaching $1 billion in annual revenue described as aspirational. The report said Plxsur unsuccessfully pursued a sale process with Goldman Sachs, later sought debt financing via Stifel, and explored funding proposals involving HPS Investment Partners and Cartesian Capital Group, all of which fell through, before deteriorating finances pushed the company into insolvency in late 2025 and its eventual purchase by shareholder James Cox.
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Universal Tabs Mittal as New CFO
Universal Corporation announced the appointment of Anubhav Mittal as Senior Vice President and Chief Financial Officer, effective February 17, following the completion of its CFO search process. Mittal brings 20 years of global finance, strategy, and business transformation experience, most recently serving as CFO of ADM Nutrition, Archer Daniels Midland’s approximately $8 billion nutrition, flavors, and ingredients business. He succeeds Johan C. Kroner, who will retire as CFO on the same date and remain with the company as a senior vice president through July 1, to support a smooth transition.
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Ultra Raises $11M Series A to Scale Nicotine-Free Functional Pouches
Ultra announced it has closed an $11 million series A funding round to expand product development, distribution, and team growth. The round was led by Left Lane Capital, with participation from top CPG founders such as Harry’s, Grüns, and Rockstar Energy, as well as celebrity athletes including Joe Burrow, Lindsey Vonn, and Dak Prescott. Launched in May 2025, the “nicotine-free functional pouch brand designed for clean, sustained focus” sold 1 million cans in its first six months.
The pouches, formulated with paraxanthine (via Enfinity) and other functional ingredients like L-theanine, Alpha GPC, B vitamins, and ginseng, offer a discreet, guilt-free alternative for focus without nicotine or caffeine. Ultra appeals both to those stepping down from nicotine products and to new users seeking functional “focus rituals.” CEO Eric Drymer said the brand was built to deliver clean, healthy cognitive support, while Left Lane Capital’s Harley Miller highlighted the company’s role in defining functional pouches at scale. Proceeds from the funding will support U.S. hiring, retail expansion, and product roadmap development.
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Imperial Names Rishton Incoming Chair
Imperial Brands PLC appointed John Rishton as non-executive director and chair designate, effective July 13. He will succeed Thérèse Esperdy as chair on December 1 when she retires after leading the board since January 2020. Rishton brings extensive board and executive experience, currently serving as chair of Informa PLC and non-executive director at Diageo PLC, and previously as CEO of Rolls-Royce Group PLC, CFO and CEO of Royal Ahold NV, and CFO of British Airways PLC. The appointment follows a comprehensive succession process overseen by the People, Governance & Sustainability Committee.
Sue Clark, senior independent director, praised Rishton’s experience in leading complex, regulated businesses through transformation, describing him as an “exceptional candidate” to guide the board. Esperdy was recognized for her decade of leadership, including the turnaround of Imperial Brands’ core tobacco business, expansion into next-generation products, and delivery of over £10 billion in shareholder returns. CEO Lukas Paravicini welcomed Rishton, emphasizing continuity in the company’s strategic objectives and ongoing focus on sustainable growth.
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U.S. Cigar Imports Up 4.6% in 2025
Handmade cigar imports to the United States continue to rise, according to new data released this week by the Cigar Association of America (CAA), signaling sustained growth in the premium cigar market. Imports for the first three quarters of 2025 totaled 318.6 million cigars, a 4.6% increase compared with the same period in 2024, according to Cigar Aficionado.
Nicaragua remained the dominant supplier, accounting for 190.4 million cigars, up 2.1% year over year. The Dominican Republic followed with 69.9 million cigars, a 3.8% increase, while Honduras recorded the fastest growth among the top producers, with shipments jumping 14.8% to 55.5 million cigars. Together, the three countries accounted for more than 99% of all handmade cigar imports.
The largest monthly surge occurred in March, when imports rose 29% compared with March 2024, following the announcement of the Trump administration’s “Liberation Day” tariffs affecting cigar-producing countries. In 2024, U.S. imports reached 430 million handmade cigars, up 0.9% from 2023. If current trends hold, 2025 is on pace to mark the fifth consecutive year with more than 400 million handmade cigars imported into the U.S.
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Scandinavian Shuffles Cigar Lineups Between Divisions
Effective February 2, Scandinavian Tobacco Group (STG) will reshuffle its U.S. cigar sales structure, transferring five brands between its two internal sales divisions, General Cigar Co. and Forged Cigar Co., according to Halfwheel. Most notably, the non-Cuban Cohiba brand will move from General to Forged, along with Punch and Havana Honeys, as STG seeks to better balance the two divisions. Partagas and Room101 will switch to General.
The restructuring is part of STG’s Focus2030 strategy and is designed to make General and Forged more equal in scale, despite their unusual internal competition model in which sales teams owned by the same company compete directly for the same retail accounts. STG also plans to expand the Forged sales force and has shifted several lower-volume brands—Brioso, Honduran Bundles, and La Estrella Cubana—to its Meier & Dutch wholesale division, with Los Statos Deluxe, Room101 Farce, and Sancho Panza removed from active price lists, but with no other updates given.
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Altria to Host Q4, FY25 Webcast January 29
Altria Group, Inc. will host a live audio webcast on January 29 at 9 a.m. EST to discuss its 2025 fourth-quarter and full-year business results. Altria will issue a press release containing its business results approximately two hours prior. The webcast can be accessed at altria.com.
During the webcast, CEO Billy Gifford and CFO Sal Mancuso will discuss the company’s results and answer questions from the investment community and news media.
The webcast will be in a listen-only mode. Pre-event registration is necessary; directions are posted at www.altria.com/webcasts. An archived copy of the webcast will be available on altria.com.
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BAT to Shut Down Only South African Plant
BAT South Africa (BATSA) announced it will cease local production of factory-manufactured cigarettes and close its sole manufacturing facility in Heidelberg, Gauteng, by the end of 2026, citing the overwhelming growth of illicit cigarettes in the market. The company estimates that illegal products now account for about 75% of cigarette sales in South Africa, rendering local manufacturing commercially unviable. The plant is currently operating at just 35% of capacity due to sustained volume losses linked to the illicit trade.
“We have tried everything to ensure we don’t have to close this facility, which has been a part of the Heidelberg community since 1975, including implementing various efficiency initiatives over the years,” said Johnny Moloto, head of corporate and regulatory affairs at BAT Sub-Saharan Africa. “But when three-quarters of your market is illicit, there’s a limit to what any company can do. We’ve reached that limit.”
BATSA said the closure will directly affect approximately 230 employees and their families and will also have knock-on effects across the local value chain, including suppliers, logistics providers, and contractors in the Lesedi community. The company has initiated a formal consultation process with employees and unions in line with labor law and expects this process to conclude by the end of March 2026, ahead of the full shutdown later in the year. Despite the closure, BATSA stressed it is not exiting South Africa and will transition to an import-based supply model to continue serving adult consumers.
The company said it has spent more than a decade engaging with government and law-enforcement authorities, warning that policy decisions such as the 2020 tobacco sales ban, above-inflation excise increases, and proposed new tobacco legislation have widened the gap between legal and illegal products. BATSA argued that enforcement efforts have been insufficient to protect legitimate businesses and jobs, with illicit cigarettes costing an estimated R28 billion ($1.7 billion) a year in lost tax revenue. BATSA also warned that illicit trade is increasingly affecting other sectors, including alcohol, pharmaceuticals, and consumer goods.
The growth of illicit trade accelerated after a Covid-era ban on tobacco sales in 2020, from which BATSA says the legal market never recovered. BATSA said it could reconsider local manufacturing if there is sustained progress in curbing illicit trade but cautioned that proposed new tobacco legislation and rising excise duties risk further worsening the problem.
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JTI Promotes Yahaya to North Asia VP, Ellena Director of Malaysia
Japan Tobacco International announced that Juliana Mohd Yahaya, who led JTI Malaysia since October 2023, has moved to the role of vice president, sales and marketing for JTI North Asia. Effective January 5, JTI Malaysia announced the appointment of Didier Ellena as managing director.
Yahaya has been with JTI for more than 25 years, beginning in sales in 2000 before being promoted to positions including global brand manager, marketing director, and country manager, before taking the role of general manager in Malaysia.
Ellena brings more than 30 years of experience with JTI, having held senior leadership roles across multiple markets, including Hungary, Russia, France, and Italy, and will be responsible for overseeing the company’s overall business strategy and operations in Malaysia.
JTI Malaysia said the appointment underscores its focus on sustainable growth, regulatory compliance, and responsible business practices, while reaffirming its commitment to operating within Malaysia’s regulatory framework and contributing to the country’s economic and social development.