CVS Quits Tobacco

In a move that will cost the company $2 billion in sales a year, CVS/Caremark will no longer sell cigarettes and other tobacco products beginning in October. The country’s largest drugstore chain has overall sales of $123 billion, and has been transitioning towards becoming more of a health care provider, rather than a general retail outlet. “We have about 26,000 pharmacists and nurse practitioners helping patients manage chronic problems like high cholesterol, high blood pressure and heart disease, all of which are linked to smoking. We came to the decision that cigarettes and providing health care just don’t go together in the same setting,” said CEO Larry J. Merlo.