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CVS Will Stop Sale of Tobacco Products

CVS Caremark Corporation (NYSE:CVS) announced that by October of this year, it will no longer be selling cigarettes or any related tobacco products. CVS which runs stores nation-wide says selling such products is not in line with its role as a wellness provider. Discontinuing the sale of cigarettes and tobacco products will cause revenue to decrease by approximately $2 billion annually. CVS is willing to pay that price in order to forge better relationships with healthcare professionals and providers. It makes no sense to sell tobacco while simultaneous proclaiming yourself as a wellness provider. This might be a new trend with drugstore retail chains who are considering expanding into health care services. The new move also garnered praise from the Oval Office.  (Image source: CVS