(WLNS) - CVS Pharmacy Stores are getting out of the tobacco business.
The company says it plans to stop selling cigarettes in October. The move is being praised by President Obama, who struggled to stop smoking himself. He says it will "help his administration's efforts to reduce tobacco-related deaths, cancer and heart disease."
CEO Larry Merlo told CBS This Morning the company stands to lose $2 billion every year.
"It's a real contradiction to talk about all the things we're doing to help people on their path to better health and at the same time sell tobacco products," said Merlo.
CVS' decision won't hurt tobacco companies much because drugstores account for only a small percentage of cigarette sales.
Health groups are pushing other retailers to follow CVS and stop selling tobacco.