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This spending mirrors the pattern we see with marketing expenditures for cigarettes and smokeless tobacco, for which the vast majority is also spent in the retail environment

The Role of Cultural Factors Cultural attitudes towards smoking can also affect cigarette packaging

In a research note, Morgan Stanley analysts credited Juul with "driving a revival in the US e-cig market," adding that sales of Juul devices "accounted for almost the entire incremental increase in US e-cig sales as a percent of total cigarette and e-cigarette sales in the last year." July 10, 2018: Juul raises $1.2 billion in a round that values the company at more than $16 billion, according to PitchBook

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