To have a better launch for its new line of hemp cigarettes later this year, a Las Vegas company has hired a former strategist from Philip Morris as its CEO.
Taat Lifestyle & Wellness Ltd. has confidence in its new CEO, Setti Coscarella because of his experience in the finance and tobacco industries.
His finance resume includes three out of the top five financial institutions in Canada including Scotiabank, CIBC, and TD Securities. In 2017, Coscarella led a commercialization team in Toronto, where they focused on Reduced-Risk Products. These products were meant to give smokers an alternative to cigarettes.
“Becoming CEO of Taat is an incredible opportunity for me,” said Mr. Coscarella. “For a matter of decades, public attitudes towards tobacco have consistently called for a less-risky alternative to traditional cigarettes. This is something that Philip Morris recognized with its attention to the RRP category, as well as its Unsmoke campaign. What appealed to me about Taat is how they have developed Beyond Tobacco™ to be a cigarette alternative that is designed to emulate a tobacco cigarette, but without any tobacco or nicotine.” Coscarella said in a press release.
Taat will be working with Coscarella to launch its line of Beyond Tobacco hemp cigarettes in Q4 this year. The prerolled sticks will contain at least 50 mg of CBD and less than 0.3% THC. The products will be marketed towards tobacco users to help them quit smoking and get past the pains of tobacco withdrawal.“Other consumer product categories have had their legacy incumbents disrupted by innovations in delivering desirable alternatives for meat, dairy, sugar, and even beer and wine. Consumers seem to be embracing this approach to positive changes in which they keep their habits such as eating meat or drinking milk while quietly cutting out the things they wish to avoid, and I believe this trend can carry over to tobacco as well. Over one billion tobacco users worldwide3 have one thing in common; they are consuming nicotine, a drug that is effectively useless. The molecule in our tobacco-free and nicotine-free cigarettes is delivered in a near-identical format to legacy tobacco products, and I strongly believe that smokers would be eager to make the switch if presented with the option. The early-stage market research results for Beyond Tobacco™ reflect an extraordinary reception of the product among smokers, and I am very eager to be in the driver’s seat of Taat as we approach the planned launch of Beyond Tobacco™ in Q4 2020.”