CVS is giving up tobacco.
On Wednesday, the national retailer announced plans to pull all tobacco products from its inventory by Oct. 1 this year, a change that could pressure other national sellers to make a similar move. CVS has 7,600 locations nationwide, including a branch in Malibu at the Malibu Colony Plaza Shopping Center.
CVS CEO Larry Merlo called the move “the right thing to do” for the company. The sale of tobacco products conflicts with CVS’s mission to help customers “on a path to better health,” Merlo said in a statement.Â
“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,” Merlo said.
The decision could initially cause losses of $2 billion annually, Reuters reported, but CVS believes it will likely bounce back in the long run as the US healthcare system expands and relies more on drug stores for walk-ups and pharmacy consultations.