Founded in 2007, JUUL Labs was spun off from Pax Labs in 2017. JUUL manufactures compact electronic cigarettes, with flavors like Mango, Cool Mint, Virginia Tobacco, Cool Cucumber, and Classic Menthol, which come in the form of individual smoking "pods" that are inserted into the JUUL device. The nicotine content in one pod is equivalent to the nicotine content in one pack of cigarettes, and contains around 200 puffs. While most e-cigarettes use a type of nicotine called "free-base," which passes quickly into the bloodstream when inhaled, the cartridges that Juul Labs sells contain a differentiated, concentrated juice cocktail of salts and organic acids found in tobacco leaves. This blend more closely resembles the experience of smoking a cigarette, according to Tyler Goldman, the former CEO of Juul Labs.
JUUL has experienced rapid growth, as evidenced by its recent Series E funding round, which we estimate valued the company at around $17 billion. As of last month, JUUL had captured 68 percent of the U.S. e-cigarette market, according to Nielsen data. Underpinning this market share is JUUL's projected $940M of revenue and $250M of EBITDA in 2018. For reference, JUUL's revenue was $245M in 2017, indicating a 2018 year-over-year revenue growth rate of over 290%.
The company was founded by former product designers and developers, James Monsees and Adam Bowen. In 2017, the company hired Kevin Burns, former COO of Chobani, after JUUL's former CEO, Tyler Goldman, departed.
*Based on Preferred Stock Price, JUUL does not have a stock symbol since it is currently private and is yet to have an IPO.
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