CVS Stops Selling Cigarettes, Changes Company Name
Following its February announcement, CVS has now officially stopped selling cigarettes in its 7,700 stores and changed its name from CVS Caremark to CVS Health. CNN says the pharmaceutical retailer stopped selling cigarettes a month earlier than expected. Larry Merlo, president and CEO of CVS, posted a video statement to the company website saying that “by eliminating the sales of cigarettes and tobacco products in our stores, we can make a difference in the health of all Americans.” CVS estimates it could lose about $2 billion in annual sales as a result of the decision. However, that’s just a small percentage of its revenue which totaled $126 billion last year.