Citing Health Reasons, CVS to Stop Selling All Tobacco Products
the move is projected to cost cvs $2 billion in revenue
CVS/pharmacy will stop selling all tobacco products at its more than 7,600 stores nationwide.
The nation's second-largest drugstore chain announced today that it will phase out cigarettes, cigars and chewing tobacco by October 1, 2014, a move that will cost CVS Caremark Corp. an estimated $2 billion in annual revenue.
According to a statement posted on the company's website, "Ending the sale of cigarettes and tobacco products at CVS/pharmacy is simply the right thing to do for the good of our customers and our company. The sale of tobacco products is inconsistent with our purpose – helping people on their path to better health."
The company's statement goes on to say that "as the delivery of health care evolves with an emphasis on better health outcomes, reducing chronic disease, and controlling costs, CVS Caremark is playing an expanded role through our 26,000 pharmacists and nurse practitioners. By removing tobacco products from our retail shelves, we will better serve our patients, clients and health care providers while positioning CVS Caremark for future growth as a health care company. Cigarettes and tobacco products have no place in a setting where health care is delivered."