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GARFIELD, N.J. -- Eonsmoke LLC has secured debt financing to drive further expansion of the electronic cigarette brand. The company secured the funding through an undisclosed Midwestern financial institution.
Eonsmoke, a rechargeable e-cigarette brand, introduced 14 flavors to the marketplace in the past two years and the company's plans call for several more. "We've expanded tremendously the past 12 months due to our corrugated plastic marketing strategy, introductions of new product flavors, and additional distribution throughout the United States," said Gregory Grishayev, chief financial officer for Eonsmoke.
The Garfield, N.J.-based company's expansion plans come at time when the e-cigarette industry is gaining in popularity. Even big tobacco companies are getting into the ring, as Lorillard Inc. acquired blu eCigs for $135 million this spring.
"There will certainly be more institutional investment going further within e-cigarettes as the industry is forecasted to do over a billion [dollars in sales] next year in 2013," Grishayev noted.