Jul. 13 at 6:42 PM
$CHUC NJOY is the best acquisition comp we have (not JUUL). Altria paid
$2.75B in 2023 for 5 FDA-authorized tobacco-flavor products WITHOUT age-gating technology at acquisition. Altria built that, submitting the ACE 2.0 Bluetooth age-gating PMTA, 11 months later.
The honest gap:
- NJOY: 5 authorized products, TOBACCO ONLY, 100K stores, Altria’s 200K retail relationships
- CHUC today: 678 pending PMTAs, IKE age-gating already licensed, distribution still building
So Altria paid
$2.75B for 5 assets WITHOUT age-gating and had to develop it. CHUC already has age-gating licensed, the capability Altria needed to unlock flavored authorizations.
Glas confirmed the pathway: FDA authorized fruit flavors specifically because of age-gating. NicQuid v. FDA still pending, could affect 1,000’s of PMTAs.
IMHO,
$2B value post-R/S is realistic (by 2028 if catalysts deliver).
NJOY showed what 5 authorized tobacco products are worth. CHUC has 678 pending PMTAs with age-gating already in hand.