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  • Lenders Move to Sell Debt on Juul’s San Francisco Office Tower

    Lenders Move to Sell Debt on Juul’s San Francisco Office Tower

    Lenders are reportedly preparing to sell debt tied to Juul Labs’ San Francisco office tower at 123 Mission Street, a move that could pave the way for new ownership of the downtown property, according to the San Francisco Business Journal. According to multiple sources, Affinius Capital is in talks to sell the debt to Madison Capital, though no agreement has been finalized and pricing details remain unclear. Juul and Affinius both declined to comment, but sources suggest the deal could position Madison to eventually take control of the property, depending on the loan’s performance and structure.

    The Journal said the 123 Mission tower has had a turbulent ownership history since Juul purchased it in 2019 for $397 million, during the company’s rapid expansion, and then subsequent challenges as the market changed under regulatory uncertainty. After relocating its headquarters to Washington, D.C. in 2020, the company reportedly made several unsuccessful attempts to sell the building, including deals with PGIM and Pimco, both of which fell through amid the pandemic.

    If completed, the pending transaction would mark another major San Francisco acquisition for Madison Capital, which has invested nearly $800 million in the Bay Area over the past eight years.

  • Philippine Tobacco Growers Call for Stronger Action Against Smuggling

    Philippine Tobacco Growers Call for Stronger Action Against Smuggling

    The Philippine Tobacco Growers Association (PTGA) urged its government to step up enforcement against illegal cigarette trade, warning that smuggling is siphoning income from farmers and threatening one of the country’s key agricultural sectors. PTGA President Saturnino Distor said each illegal product sold in the market represents lost revenue for hardworking Filipino tobacco farmers, totaling P1 billion ($17 million)—or P17,000 ($289) for each of the organization’s 59,000 members.

    Industry data indicates illegal cigarettes sell for as low as P2 ($0.03) per stick, compared to P7 ($0.12) for legal products, fueling black-market growth and increasing accessibility to minors. This year, around 11.8 billion sticks of illegal cigarettes are expected to be sold in the Philippines, representing roughly 9.4 million kilos of tobacco that could have been sourced from local farms. At an average farmgate price of P104.09 ($1.77) per kilo, farmers have already lost P978.4 million ($16.6 million) in income.

    Distor also highlighted the broader impact on the industry, affecting transport workers, factory employees, and small retailers, while the government loses an estimated P40 billion ($680 million) in excise tax revenue annually. Despite the 2024 Anti-Agricultural Economic Sabotage Law, enforcement remains weak. “Farmers are not asking for special treatment,” Distor said. “We are asking for protection, for fairness, and for a chance to keep farming and feeding our families.”

  • French Lawmakers Reject Vape Tax

    French Lawmakers Reject Vape Tax

    Yesterday (October 22), the Finance Committee of France’s National Assembly voted to reject the government’s proposed tax on vaping products outlined in the 2026 draft budget. The measure, included in Article 23, sought to introduce a levy of €0.30 per 10mL for low-nicotine e-liquids and €0.50 per 10mL for higher-nicotine products, a move strongly opposed by several deputies who cited vaping’s lower health risks compared to smoking.

    Lawmakers across party lines defended vaping as a harm-reduction tool. Aurélien Le Coq of La France Insoumise argued that “electronic cigarettes, even if they carry risks, are much less harmful than tobacco,” suggesting the proposed tax reflected the influence of the tobacco lobby. Pierre Cazeneuve of Ensemble pour la République, speaking as a former smoker, also opposed the measure, saying that vaping plays a key role in helping people quit. However, Perrine Goulet of Les Démocrates countered that vaping could act as a “gateway to smoking for young people,” and supported moderate taxation to curb youth use.

    The committee ultimately adopted an amendment from the Republican Right group to keep vape taxes at 0% for 2026, a partial win for the vaping industry. However, challenges remain: lawmakers approved a ban on online vape sales, which currently account for up to 30% of the French market, and the European Union is preparing to introduce a bloc-wide vape tax starting January 1, 2028. The decision will next move to the full Assembly for debate and confirmation in the coming weeks.

  • RJR Seeks Dismissal of ‘Carbon Neutral’ Vape Lawsuit

    RJR Seeks Dismissal of ‘Carbon Neutral’ Vape Lawsuit

    R.J. Reynolds Vapor Co. has asked a California federal judge to dismiss a proposed class-action lawsuit accusing the company of misleading consumers by advertising its Vuse e-cigarettes as “the world’s first carbon neutral vape brand.” In its filing with the U.S. District Court for the Northern District of California, the company said its statements were backed by independent third-party certifications from Verra and Vertis Environmental Finance Ltd., insisting that its carbon-neutral claims were accurate, verified, and aligned with recognized environmental standards. R.J. Reynolds argued that it did not exaggerate its emissions data and said plaintiffs failed to prove any economic loss tied to the marketing claim.

    According to ClassAction.org, the lawsuit, filed on May 28, 2025, seeks $5 million in damages and alleges that British American Tobacco (BAT) and its subsidiary R.J. Reynolds misled consumers with a deceptive sustainability campaign. Plaintiffs argue that the “carbon neutral” label relied on flawed carbon offset projects, including Uruguay’s Guanaré Forest Plantations Project, which an independent review found had no measurable climate benefit. The complaint claims the company continued to use the “carbon neutral” slogan even after learning of issues with the offset program, calling the campaign a marketing strategy aimed at enhancing brand loyalty rather than environmental responsibility.

    A BAT spokesperson previously said that Vuse’s carbon-neutral status was independently verified in 2021 and that related marketing materials were discontinued by the end of 2023, according to Law360.

  • Malawi: Agricultural Center Opens to Help Tobacco Farmers Diversify

    Malawi: Agricultural Center Opens to Help Tobacco Farmers Diversify

    Lilongwe University of Agriculture and Natural Resources in Malawi announced the opening of its new Global Action Agricultural Transformation Centre, designed to help smallholder farmers transition from tobacco cultivation to “more sustainable and profitable crops” like soybeans, groundnuts, and sunflowers. The facility was a gift from Global Action to End Smoking.

    Because Malawi is heavily dependent on tobacco, with the crop representing a significant portion of Malawi’s gross domestic product and roughly half of the country’s exports, farmers are particularly exposed to the negative impact of decreasing demand for tobacco as global smoking rates continue to drop, as well as the impact of volatile weather. Global Action estimates that 800,000 Malawian farmers have begun diversifying crops as a layer of insurance.  

    “Reducing demand for tobacco without supporting farmers would result in serious economic consequences,” said Dr. Candida Nakhumwa, vice president and country director for Global Action in Malawi. “That’s why Global Action’s approach includes agricultural transformation as a critical part of the global public health response.”

  • 22nd Century Expands VLN to 140 C-Stores in Illinois

    22nd Century Expands VLN to 140 C-Stores in Illinois

    22nd Century Group, Inc. announced the launch of its VLN reduced-nicotine content cigarettes with 140 Circle K locations in Illinois, marking another step in the company’s nationwide rollout. The products, designed to contain 95% less nicotine, are now authorized for sale in 45 states, with approvals in the remaining five expected soon.

    Chief Executive Officer Larry Firestone said the expansion returns the brand to its first launch market. “We know there are VLN smokers who will appreciate the new branding and product rollout in Illinois,” Firestone said. “Once we achieve authorization and distribution in all 50 states, we will demonstrate the large-scale feasibility of our VLN low-nicotine products and alignment with the FDA’s new low-nicotine mandate.”

  • Vaping Advocates Say B.C.’s Bill 24 is ‘Irresponsible’

    Vaping Advocates Say B.C.’s Bill 24 is ‘Irresponsible’

    British Columbia’s proposed Bill 24, the Vaping Products Damages and Health Care Costs Recovery Act, is drawing sharp criticism from harm reduction advocates, medical experts, and the vaping industry, who argue the legislation could jeopardize one of the most effective tools to help smokers quit. The Canadian Vaping Association (CVA) said the government failed to consult key stakeholders before introducing the measure, warning it could devastate small businesses and mislead the public.

    “Tobacco and opioids have been proven to kill and cause irreparable harm. Vaping has not killed a single Canadian,” said Sam Tam, president of the CVA. “It would be irresponsible for the B.C. government to require vaping companies, including trade associations, to pay a fabricated cost without considering their ability to help far more British Columbians.” 

    The bill would allow the province to recover healthcare costs from vaping manufacturers—treating regulated vaping products like tobacco and opioids—despite federal evidence showing that vaping is far less harmful than smoking.

  • Turning Point to Host Q3 Call on November 5

    Turning Point to Host Q3 Call on November 5

    Turning Point Brands, Inc. announced it will host a conference call November 5 at 8:30 a.m. EST to review Q3 2025 results. Listeners in the U.S. can call 800 715-9871, while international listeners call +1 646 307-1963. The event ID is 6640134.

    Participants should call at least 10 minutes in advance and follow the audio prompts to register. The call will also be broadcast live as a listen-only webcast from the investor relations section of the company’s website. The replay of the webcast will be available on the site two hours following the call.

  • Taiwan NGOs Accuse Tobacco Firm of Breaking Law Over Labeling

    Taiwan NGOs Accuse Tobacco Firm of Breaking Law Over Labeling

    Today (October 22), more than a dozen non-governmental organizations in Taiwan accused a “major tobacco company” of deliberately violating Taiwan’s Tobacco Hazards Prevention Act by failing to label nicotine content on its newly released heated tobacco products, according to CNA English News. While the Health Promotion Administration (HPA) has not officially banned the media from disclosing the company’s name, news sources are withholding it to avoid inadvertently promoting the brand and violating advertising restrictions under the Tobacco Hazards Prevention Act.

    Last week, the HPA ordered eight product types from the same company pulled from shelves on their first day of sale after inspectors found the required nicotine labeling missing. Lin Ching-li, director of the Tobacco Control Division at the John Tung Foundation, questioned why the company “would prefer being fined NT$5 million ($162,600) rather than labeling the nicotine content and complying with the law.”

    Health Minister Shih Chung-liang said the company submitted samples for pre-market review that did include nicotine labels, and authorities are now investigating why the approved samples differed from retail products. Shih said fines would be imposed once responsibility is determined and noted that the products are being tested to confirm whether their nicotine content meets the legal limit of 1 milligram per stick. Research cited at the press conference by Dr. Guo Fei-ran of National Taiwan University Hospital found that heated tobacco products in other countries contained an average of 4.7 milligrams of nicotine per stick, well above Taiwan’s legal threshold.

    Lin suggested the company may have intentionally avoided labeling because the products exceed legal nicotine limits, calling it an “unspeakable secret.” She added that multinational tobacco firms generate around NT$180 billion annually in Taiwan’s tobacco market, making the NT$5 million fine insignificant by comparison. The NGOs urged tougher enforcement to prevent companies from exploiting loopholes and to ensure that public health laws are upheld.

  • UK Vape Ban Fails as Black Market Booms, New Report Reveals

    UK Vape Ban Fails as Black Market Booms, New Report Reveals

    A new report from Haypp shows that the UK’s disposable vape ban, introduced in June 2025, is failing to curb use, with 62.5% of vapers still using the banned devices. Among 25–34-year-olds, that figure jumps to 82%, while 35% of disposable vape users admit they are still buying them, pointing to a widespread black market.

    The data reveals that illegal sales are not limited to underground sellers, with 55% of users buying disposable vapes from local corner shops, 37% from vape stores, and 34% from supermarkets, and 28% online. Experts warn that this shows a thriving illicit trade involving mainstream retailers, making enforcement increasingly difficult.

    Safety concerns are also growing, as 78.5% of users report using vapes purchased before the ban, meaning that products may now be unstable due to aging batteries and poor storage. Haypp’s Markus Lindblad said the findings prove “the ban is not yet working as expected” and welcomed government plans for a retail licensing scheme to help tackle the illegal market.