Cowen analyst Vivien Azer wrote in a note titled "Gottlieb: Out of FDA, Not Out of Opinions" that former FDA Commissioner Scott Gottlieb commented that he believes it will be difficult for JUUL to get PMTA approval, which has put vapor exposed stocks under pressure. Azer said that Altria (MO) has direct exposure as it has a 35% stake in JUUL, and Greenlane Holdings (GNLN) also has exposure as JUUL accounted for 36% of its sales in 2018. However, the analyst noted that JUUL is "already grand-fathered into the market today, given it was marketed prior to August 2016." Also, JUUL has been "among the most proactive participants in the market, having gone further than the FDA has contemplated in terms of addressing youth access." Azer has a Market Perform rating on Altria, and an Outperform rating on Greenlane.

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