CVS No Longer Selling Cigarettes, Changes Name

CVS No Longer Selling Cigarettes, Changes Name

In a video statement on the company web site, CEO Larry Merlo said by eliminating the sale of cigarettes and tobacco products "we can make a difference in the health of all Americans."
CVS Caremark will no longer sell tobacco products in its stores, beginning today.

That's nearly a month ahead of the previously targeted date of October 1st.

To reflect this, the corporation will also have a new name: CVS Health.

Although retail stores will still be called CVS Pharmacy.

In a video statement on the company web site, CEO Larry Merlo said by eliminating the sale of cigarettes and tobacco products "we can make a difference in the health of all Americans."

In addition, CVS is also launching a campaign and program to help smokers quit.

The company has estimated the move could cost the chain about $2-billion in annual sales.

But that's a fraction of its revenue, which totaled $126-billion in 2013.

Much of the revenue comes from healthcare services such as walk-in clinics and prescription drug coverage.
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