Juul Labs, the leading producer of US e-cigarettes, has once again drawn the ire of the Food and Drug Administration for violations of marketing policies. Juul, which saw its valuation soar to $38 billion in 2019, has also seen its vaporizers blamed for hundreds of hospitalizations and 6 deaths in recent months, and now faces an ever-more rocky road to full regulatory approval in the American market. An FDA rejection for Juul would throw the future plans of cigarette giant Altria, which owns a 35% stake in the e-cig startup, into question and bolster its competitors that have begun diversifying their offerings in preparations for a world after cigarettes.

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