NJOY

NJOY, Inc.
Private
Industry Electronic Cigarettes
Founded 2006
Headquarters Scottsdale, Arizona, United States
Key people
 Paul Sturman, Chief Executive Officer
Website www.njoy.com

NJOY is the trade name of Sottera, Inc., an American company which manufactures and distributes electronic cigarette and vaping products. Headquartered in Scottsdale, Arizona,[1][2] NJOY products are sold in all 50 states in the United States, and in Europe.[3]

History

NJOY was founded in 2006 by patent attorney Mark Weiss and became one of the first companies to sell e-cigarettes.[4] Four years later, Mark’s brother Craig Weiss, also a patent attorney, joined the company as CEO.[5][6]

In 2010, the company won a landmark lawsuit against the Food and Drug Administration. The decision by the US Court of Appeals upheld a lower court ruling finding that the FDA lacked authority to regulate electronic cigarettes as drugs or medical devices, absent therapeutic claims. The court further held that FDA could seek to regulate electronic cigarettes via the FDA’s authority under the Family Smoking Prevention and Tobacco Control Act of 2009, as argued by NJOY.[7]

In 2013, former Surgeon General and physician Richard Carmona joined the company's Board of Directors, also serving in a scientific advisory role.[8]

In 2015, NJOY named former Global President and General Manager of Pfizer's Consumer Health Care Business, Paul Sturman as CEO & President.[9]

In September 2016, NJOY filed for Chapter 11.[10]

Financials

Key institutional investors include Brookside Capital & Morgan Stanley Investment Management. The company's early individual investors include Sean Parker, Peter Thiel, Douglas Teitelbaum[11] & Bruno Mars.[12]

Reception

In 2014, NJOY was ranked No. 1 by IRI in US Vaping Retail Sales.[13]

References

  1. ↑ D'Andrea, Niki (2014-04-01). "Smoke & Mirrors". Phoenix Magazine. Retrieved 2016-03-18.
  2. ↑ "Sottera, Inc.: Private Company Information - Businessweek". www.bloomberg.com. Retrieved 2016-07-22.
  3. ↑ Stevenson, Alexandra (2014-02-28). "NJOY, E-Cigarette Maker, Receives Funding Valuing It at $1 Billion". The New York Times. The New York Times Company. Retrieved 2016-03-18.
  4. ↑ Richtel, Matt (2013-10-26). "The E-Cigarette Industry, Waiting to Exhale". The New York Times. The New York Times Company. Retrieved 2016-03-18.
  5. ↑ Sanburn, Josh. "Can Electronic Cigarettes Challenge Big Tobacco?". Time (magazine). Retrieved 2016-03-18.
  6. ↑ "Craig Weiss - The Disruptors 2013 - Forbes". Retrieved 2016-07-24.
  7. ↑ Don, Jeffrey (2010-12-07). "FDA Loses Appeal, Can't Regulate E-Cigarettes as Drug". Bloomberg. Retrieved 2016-03-18.
  8. ↑ "Carmona joining e-cigarette board". Politico. 2013-03-24. Retrieved 2016-03-18.
  9. ↑ "NJOY Names Sturman as CEO & President". CSPNet. 2015-01-26.
  10. ↑ "FDA rules e-cigarettes rules first victim". TheBlaze. 28 September 2016.
  11. ↑ Biggs, John (2014-02-28). "E-Cig Maker NJOY Raises $70 Million". TechCrunch. Retrieved 2016-03-18.
  12. ↑ Moreno, Carolina (2013-06-03). "Bruno Mars Invests In NJOY Electronic Cigarette Company, Started Using Product For Mom". The Huffington Post. Retrieved 2016-03-18.
  13. ↑ "Why the Tobacco Giants Remain Among the Best Dividend Stocks". The Motley Fool. 2014-11-19. Retrieved 2016-03-18.
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