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Altria Chief Executive Marty Barrington said at an investor presentation on Tuesday that the company has devoted a lot of time to studying the e-cigarette market, according to the Associated Press

The deal values San Francisco-based Juul at $38 billion, more than double the roughly $16 billion valuation it fetched in a July private funding round, highlighting what Altria sees as its next phase of growth in the face of declining smoking rates and cigarette sales in the United States

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