In the winter of 2008 Jan Verleur was living on the outskirts of Prague, working on a novel about three failed Internet entrepreneurs who invest their dwindling capital in an ecstasy-smuggling ring. It wasn’t exactly autobiographical, but Verleur, now 36, was writing from experience with failed ventures. His most recent had been an ambitious pornography business that lost $22 million of investors’ money, including $1.6 million of his own.
One day, as he was picking up a pack of smokes at a Vietnamese convenience store, he noticed a box of e-cigarettes. He tried one, and it leaked liquid into his mouth. “The technology wasn’t ready for market,” he says, “but the idea struck me as amazing.” Soon after, Dan Recio, his buddy and colleague in the porn business, persuaded him to return to the U.S. and take another crack at making money by satisfying a different human craving.
The nascent e-cig market was wide open. Startup costs were low, and regulation was nonexistent. The potential payoff looked huge: Vaping seemed poised to grow into an enormous global market for a healthier product. Invented in 2003 by a Chinese pharmacist whose father had died of lung cancer, e-cigarettes use lithium-ion batteries to heat nicotine-laced liquid, turning it into a vapor that h...
... middle of paper ...
...r VMR had moved into a ten-story glass-and-steel office building in Miami, and revenue hit $19 million. Two years later, revenue ballooned to $75 million and the head count was at 180, split among Miami, Shenzhen, a distribution center in Prague and small offices in Hamburg, London, Moscow and Hong Kong. Then came two years of declining sales and growing concerns about regulation.
By 2013 there were rumblings that online sales of e-cigs might be banned in the U.S. Verleur responded by selling a limited number of products in brick-and-mortar stores, despite much lower margins. Meanwhile competitors, including NJoy, which had attracted investors like billionaires Sean Parker and Peter Thiel, were flooding the market and growing fast. Last December, anxious to strengthen his position before the FDA made its long-awaited move on regs, Verleur sold half of VMR to Huabao.
Need Writing Help?
Get feedback on grammar, clarity, concision and logic instantly.Check your paper »
- Introduction Ethical dilemmas occur on many different scales. These dilemmas, and the complexity attached to them, range from personal to corporate conflict. Depending on the nature and structure of a particular situation and the values in conflict, personal definitions of what an ethical dilemma is may vary. Harold Gortner defines an ethical dilemma as “ a situation where two or more competing values are important and in conflict. If you serve one value, you cannot server another, or you must deny of disserve one or more values in order to maintain one or more of the others”.... [tags: Food and Drug Administration regulations]
1912 words (5.5 pages)
- Many people believe that some regulations and organizations can be a waste of time and they are just protocols that are made up to make things more difficult for the sale market, maybe they do not truly know the purpose for them, or perhaps they do not even know how much part of their daily routine they play. One thing that caught my eyes and realize that we use every day when we are feeling ill and possibly at our worse is medicine. When I go to the store I usually wonder if all the medications that are over the counter are safe to take for my family or myself.... [tags: Food and Drug Administration, Pharmacology]
1020 words (2.9 pages)
- For many decades now the meat industry has been using antibiotics in order to maintain proper growth and development. Today’s society, however, has twisted the face of the market. They claim that when farmers and ranchers inject antibiotics into their livestock, they lead to the raise of antibiotic resistance in humans. This is entirely false. By the time the animals make it to the processing plants the medications have worn out their lifespans. Meaning they have already escaped the animal 's system, leaving no trace of any existence in the meat produced.... [tags: Bacteria, Antibiotic resistance, Livestock]
1247 words (3.6 pages)
- History and Laws behind the Federal Food and Drug Act of 1906 As one of the primary federal consumer-protection laws in existence today, The Federal Food and Drug Act of 1906 was a law that had two primary goals for food and drugs: (a) forbid harmful ingredients and additions and (b) demand labeling of ingredients to inform consumers. According to Janssen (1981), it was hoped that the enactment of this law would eliminate adulterations and poisons sometimes found in foods, sometimes in drugs and often in both.... [tags: Food Drug Administration ]
1240 words (3.5 pages)
- On January 4th, 2011, President Barack Obama signed into law the Food Safety Modernization Act (FSMA). For the first time since 1938, new regulations were added to the U.S Food and Drug Administration (FDA) and how they regulate the way food is grown, harvested, and processed. According to the Center of Disease Control and Prevention, “each year roughly one out of six Americans (or 48 million people) gets sick, 128,000 are hospitalized, and 3,000 die from food borne diseases” (Strauss, 358). With new authorities given to the FDA including mandatory recall, the goal of the FSMA is to help better public health by strengthening the food safety system.... [tags: safety inspectors, contamination, quality]
779 words (2.2 pages)
- The Food and Drug Administration, commonly called the FDA, was established in 1906, and is the agency within the government that is responsible for protecting the public’s health by regulating all forms of drugs, vaccines, food, animal feed, and veterinary products. The long standing goal is to make sure that anything that is going into a living creature in the United States has been well tested and documented as being safe. Without this section of the government, we could still be living in an area where you would be an “elixir” from a street peddler to fix whatever is ailing you.... [tags: Pharmacology, Pharmaceutical drug]
1021 words (2.9 pages)
- Summary of the Rule The Food and Drug Administration (FDA) is proposing the rule “Food Labeling; Revision of the Nutrition and Supplement Facts Labels”. This rule was created to provide updated nutritional information on labels, which is consistent with current data on associations between nutrients and chronic diseases and reflects current public health conditions in the United States. The FDA is proposing the rule to change how the nutrition information is introduced to consumers. There have been many changes related to nutrition regulations, which include the declaration of nutrients, the format of nutrition labeling, and permit for particular specified products to be exempt from nutriti... [tags: Nutrition, Obesity, Dental caries, Public health]
1340 words (3.8 pages)
- Cindy Le Professor Shen English 301 29 October 2015 Dietary Supplements According to the U.S. Food and Drug Administration (FDA) official website, a dietary supplement is a product intended for ingestion to add further nutritional value or “supplement” the diet. Dietary supplements can come in many forms such as tablets, capsules, soft gels, gel caps, liquids, or powders. What makes it a dietary supplement is the dietary ingredient it contains. The FDA states that a "dietary ingredient" contains one or more of the following: vitamin, mineral, herb or other botanical, an amino acid (U.S.... [tags: Vitamin, Dietary supplement, Nutrition]
1363 words (3.9 pages)
- The Food and Drug Administration Over the last one hundred and eighty years, The United States has had numerous kinds of, chemist, doctors, politicians and concerns citizens that came together to form different types of groups and agencies to oversee consumer products and meet minimal guidelines. Over the decades the guidelines have become stricter with emphasis on intense processing and regulations on consumer products. During these early years, there were no federal agencies to protect the citizens from bad consumer products.... [tags: Government]
1387 words (4 pages)
- Policy and Solution 1. The problem with todays society is that there are two things that are required for human beings to live: food and water. When you think of it, just think of how unsettling is it that our main source of life is also our main source of sickness in countless people. Unfortunately our food consumption is causing significant problems in a lot of different ways. In the Untied States, according to the New York Times, “one in three adults are considered clinically obese, along with one in five kids, and 24 million Americans are afflicted by type 2 diabetes, often caused by poor diet, with another 79 million people having pre-diabetes.... [tags: food consumption, obesity, health, nutrition]
1125 words (3.2 pages)