Altria purchased a 35% stake in e-cigarette maker Juul in 2018 for $12.8 billion. In a statement to CBS News, Juul Technology said that the new law would "drive former adult smokers who successfully switched to vapor products back to deadly cigarettes" and also "deny the opportunity to switch for current adult smokers, and create a thriving black market instead of addressing the actual causes of underage access and use."
Juul had revenue of about $2 billion last year as its market share in the e-cigarette market reached 72%.
Just last week Juul purchased new office space in San Francisco, the company's home town.
"We have always been a proud San Francisco-based company, and remain committed to serving the community as we focus on helping adult smokers switch from combustible cigarettes - the leading cause of preventable death - and combating underage use," the company said in a statement.
Altria shares were down 1.9% to $47.85 Wednesday.