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“Today marks a fresh financial start for the NJOY brand”Douglas Teitelbaum, Chairman and CEO of NJOY, LLC
NJOY’s new trade partners

Thanks to the efforts of two investment funds, Teitelbaum’s Homewood Capital and Mudrick Capital Management, the company raised the $35 million needed to restore the capital and to securize the financial situation of the company, said a press release on February 23. The brand is now back on the marketplace with a new distribution of partners among which the convenient stores 7-Eleven, Extra-Miles and Love’s, Rite Aid pharmacy and Sunoco fuel stations.

The press release also reads “NJOY, LLC announced the acquisition of the assets of NJOY, Inc. in connection with NJOY, Inc.’s financial restructuring” which means that the business structure has been modified. This change means that the business is a separate legal entity and the owners are not legally liable for some acts and debts of the company.

“With the completion of this acquisition and capital raise, we now have ample liquidity and can focus on delivering for our customers. I am excited to have the full support of our equity owners. As a former smoker who long ago switched to NJOY products, I sought to buy the company so that I might enable as many adult smokers as possible to make the switch I did. I am, therefore, particularly excited, on a personal level, to have the opportunity to represent the great NJOY brand.”Douglas Teitelbaum, Chairman and CEO of NJOY, LLC

With this new status and liquidity, the company is now in a position to file pre-market tobacco product authorisations (PMTAs), as required under US FDA’s Deeming regulation regime in the view of marketing their vaping products after August 2018.

NJOY’s debt bought out