Philip Morris (NYSE:PM) stock is a hot topic on Tuesday as a subpoena from the Attorney General of the District of Columbia has suspended online sales of Zyn.
Zyn sales being suspended online is a cautionary move by Philip Morris as it investigates the matters connected to the subpoena. That includes confirmed online sales of the flavored nicotine pouches in the D.C. area.
This matters as D.C. is one of the regions in the U.S. that has a ban on the sale of flavored nicotine products. SMNA, an affiliate of Philip Morris, is investigating how online sales occurred in D.C.
Zyn Sales Suspended: Philip Morris Statement
Philip Morris said the following in acknowledgment of the subpoena:
“We reaffirm our commitment to 21+ only access and confirm that ZYN.com sales have been fully age-gated. ZYN.com sales have represented a very small percentage of nationwide ZYN volumes since PMI’s acquisition of SMNA. We remain committed to ensuring compliance with all laws and regulations concerning the sale of our affiliates’ products in the U.S. and worldwide.”
PM stock is down close to 1% on Tuesday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
