CVS Caremark, the United States’ second largest drugstore chain, is now phasing out the sale of cigarettes, cigars, and chewing tobacco products. The CVS drugstore plans to have all tobacco products out of its stores by Oct. 1, 2014, according to a Yahoo! News report on Wednesday.
The removal of tobacco products will reportedly cost the company about $2 billion in annual revenue. However, it will not have an effect on its annual earnings forecast for this year.
Officials at CVS Caremark assert that taking tobacco products out of the drugstores will assist the company in growing as a business designed to improve its customers’ health by working with doctors, hospitals, and other care providers.
Larry Merlo, the CEO of CVS Caremark Corp., said that the company came to the conclusion that cigarettes have no place in a setting where health care is being delivered. He also said that chronic conditions are made worse by smoking.
The report says that CVS Caremark and other major drugstore chains, such as Walgreens, have gone as far as bringing health clinics into their businesses to promote health care for its customers.