CVS Extingushes Sale of Tobacco Products

By Joe Gullo

Published 02/05 2014 12:58PM

Updated 02/05 2014 03:17PM

CVS, the national drugstore chain, is phasing out the sale of tobacco products, a move that could cost it billions in sales.

By the end of the year, none of its 7,600 locations will carry tobacco products, calling them "inconsistent with our purpose."

"What kind of company do we want to be," Helena Foulkes, CVS President and CEO, said. "Do we really want to be a healthcare company? It was the right decision for us."

While giving up smoking may also mean giving up $2 billion in sales, CVS says as Obamacare and the healthcare industry are rapidly evolving. Hundreds of billions of dollars in new business are up for grabs.

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