Since then, Juul focuses on cigarette alternatives, while Pax makes a mixture of nicotine and a variety of plants. Last week, Juul hired Kevin Burns as chief executive.
According to the day before a document submitted to the U.S. Securities and Exchange Commission, the company has grown from 23 investors to raise $111 million 500 thousand, still need to raise $38 million 500 thousand. A Juul spokesman confirmed the application, but refused to provide more details.
Juul’s flat rectangular devices, such as the shape of the U disk, were listed in the middle of 2015, exceeding the similar devices of the tobacco giant. Bonnie Herzog, a Wells Fargo analyst, quoted Nelson’s first 4 weeks’ data in a report last month. He pointed out that Juul controls 32.9% of the market share, followed by Anglo American Tobacco 27.4% and Austria 15.2%.
According to Nelson’s data, the November report showed that Juul’s income increased by nearly 700% last year to $225 million. The total amount of electronic smoke increased by 40% to $1 billion 160 million.
Juul claims that its mission is to provide &ldquo for 1 billion smokers worldwide; better replace combustible cigarettes to eliminate the use of cigarettes.
The former CEO of Goldman Sachs revealed to CNBC in October that the company was trying to achieve its mission because the supply was limited. He said the company produces 20 million products a month, including devices and smoke bombs, but it does not produce nicotine sticks.