CVS Announces Plan to Phase Out Cigarettes

The drug store giant's plan to stop selling cigarettes could cost billions in sales.
3:00 | 02/05/14

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Transcript for CVS Announces Plan to Phase Out Cigarettes
Nothing this morning from CBS the national drugstore chain is phasing out the sale of cigarettes to move that could cost billions in sales. An ABC's Rebecca Jarvis here to explain why good morning Rebecca. George good morning it is the first and largest drugstore chain to take this monumental step and here's a first look. At an ad that will be running tomorrow in newspapers across the country CVS quits for good to CBS getting out of the profitable. Two billion dollar business by years and it will no longer sell cigarettes. This morning a drugstore giant reviewing its plan to extinguished the sale of cigarettes leaving billions of dollars up in smoke. This CVS pharmacy just announcing that by the end of the year none of its 7600. Locations will carry tobacco products calling them inconsistent with our purpose. What kind of a company to we want to be do we really want to be a health care company. It became the right decision for us. The move comes -- state and local governments are joining with anti smoking groups to pass laws banning all pharmacies from selling the products. I don't health hazard so close to where many Americans by their medications and seek medical advice. Is that brand themselves as a health company. Did public health -- -- matter to them there's no way to preventing. Deaths and disease in this country better than cutting down on smoking. Well giving up cigarettes may also mean giving up two billion dollars in sales. CBS says as health care laws in the health care industry are rapidly evolving hundreds of billions of dollars in new business are up for grabs. We thought long and hard about the two billion dollars in revenue and at the end of today there is a much bigger role that we can play in the health care system. An industry analysts tell me this morning that it's only a matter of time before other drug -- changed. Chains will likely follow suit the White House putting out a statement just now George. Congratulating. And thanking the CEO of CVS Caremark for making this decision of the president's things -- have a profoundly positive impact on America's health Rebecca thanks very much heart.

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