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.
Tag: Bloomberg
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Bloomberg Donates $5M to Support Denver Flavor Ban
Billionaire Michael Bloomberg has contributed $2.2 million in recent weeks to bolster Denver’s pro-Referendum 310 campaign, which seeks to preserve the city’s ban on flavored tobacco and nicotine products, according to campaign finance reports. Bloomberg has now reportedly provided nearly $5 million of the campaign’s $5.8 million total fundraising, dwarfing opposition efforts by the “Citizen Power!” group, which has raised about $646,000.
The referendum asks voters whether to keep the ordinance banning most flavored tobacco, including menthol cigarettes and vapes, within city limits. Supporters cite youth protection and addiction prevention, while opponents argue the ban harms local retailers, reduces city tax revenue, and limits adult choice.
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Bloomberg: JTI Bets on Discount Cigarettes Amid Global Shift to Smoke-Free Products
Today (September 25), Bloomberg published an article titled “Japan Tobacco is Doubling Down on Cheap Cigarettes,” examining Japan Tobacco International’s (JTI) revenue strategy since its $2.4 billion acquisition of Vector Group in October 2024.
“While rivals Philip Morris International Inc. and British American Tobacco Plc have set ambitious targets for ‘smoke-free’ products such as e-cigarettes, heated tobacco sticks and nicotine pouches, JTI has focused more on conventional combustible tobacco products,” the article said. The strategy is paying off, according to the article, as JTI’s cigarette volumes rose 2%, revenue 9%, and profit 10%. While smoke-free products like Ploom and Nordic Spirit are expanding, JTI remains focused on conventional cigarettes in both mature and emerging markets.
“In the U.S., the Vector acquisition has given JTI an advantageous position, as smokers contend with inflation and higher taxes, and tobacco makers increase prices to help compensate for a decline in cigarette volumes,” the article said. “Since 2021, premium brands have steadily lost share, falling from about 80% of tracked cigarette sales to about 70%, according to Connor Rattigan, analyst at Consumer Edge.”
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Bloomberg Reports on Uncertain Future of FDA Nicotine Rule
Bloomberg Law reports that the Biden-era FDA proposal to slash nicotine levels in cigarettes faces uncertainty after being excluded from a key regulatory agenda under the Trump administration. Yesterday’s article, titled “Tobacco Industry Fights Biden’s Proposed Cigarette Nicotine Cut,” highlights nearly 5,000 public comments showing a split between industry opposition, citing economic and legal concerns, and public health advocates supporting the rule as a critical step to reduce smoking.
The piece details how cigarette makers argued the proposed nicotine standard is technically and legally unachievable, while experts say the FDA has the authority to issue the rule without reducing nicotine to zero. The report includes commentary from former FDA officials, attorneys, and tobacco control researchers.
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CAPHRA Accuses “Foreign Billionaires” of Influencing Tobacco Policies
The Coalition of Asia Pacific Tobacco Harm Reduction Advocates (CAPHRA) today (March 10) called for greater transparency in global tobacco control governance, citing evidence of external influence in domestic policymaking across Asia-Pacific. The organization has documented patterns suggesting Bloomberg Philanthropies has exercised inappropriate influence over tobacco harm reduction policies in the Philippines, India, Pakistan, Bangladesh, Indonesia, and Vietnam.
Nancy Loucas, CAPHRA’s Executive Coordinator, expressed concern with what the organization perceives as ideologically driven approaches. “When foreign billionaires shape national health policies through strategic funding while excluding regional experts, we must question whether public health remains the priority,” Loucas said. “Our investigations reveal instances where domestic policies appear directly influenced by external funding priorities rather than evidence-based approaches.”
In February 2025, CAPHRA joined with ARDT Iberoamerica, and CASA Africa in requesting clarification from the United Nations Special Rapporteur for Harm Reduction regarding comments in their report on tobacco harm reduction. The coalition received no response.
“The continued silence from the Special Rapporteur underscores a pattern of dismissing stakeholder concerns when they don’t align with predetermined positions,” Loucas said.
CAPHRA highlighted the upcoming COP11 as a critical moment for reasserting national sovereignty in tobacco control policy, emphasizing countries that have implemented progressive harm reduction frameworks—such as the Philippines, Japan, and New Zealand.
“It’s time to hold global public health institutions to their core mission of protecting health based on science rather than ideology,” Loucas said.