CVS will cease all sales of tobacco products nationwide in its stores and pharmacies by Oct. 1, 2014, the company announced Wednesday.
With more than 7,600 stores in the United States, CVS will be the first national pharmacy chain to ban cigarette sales.
"When we asked ourselves where we expect to be in the future as a healthcare company, it became clear that removing tobacco products from our stores was the right thing to do," CVS President and CEO Larry Merlo said in the recorded statement below.
CVS executives told The Washington Post that the move could possibly cost the company "billions of dollars in revenue because cigarettes draw so many customers in their stores."
However, they claim that the company's overarching mission of growing as a health care company trumps those dollars. CVS Executive Vice President Helena Foulkes says the chain will launch a national smoking cessation program this spring to provide services at all of its pharmacies and stores.
While CVS may be the first major retail chain to make this move, a handful of cities across the U.S. have already taken action against tobacco sales. San Francisco adopted the tobacco-free pharmacy law in 2008, banning all cigarette sales in retail pharmacies across the city. Boston and Needham, Mass. followed suit just one year later.
CVS stock traded around 2% lower in before-market trading. The convenience store chain has benefitted from an otherwise strong past 12 months, with shares up 28% in that time.
The decision has already trickled over political lines. Soon after the announcement, First Lady Michelle Obama tweeted her support for the move.
Thanks @CVS_Extra, now we can all breathe a little easier, and our families can live healthier. –mo— FLOTUS (@FLOTUS) February 5, 2014
Former New York City Mayor Michael Bloomberg, who was instrumental in banning cigarette smoking in public areas, also issued a statement Wednesday, praising CVS's move.