Why is Juul worth $16 billion? It's more like a cigarette than you think

E-cigarette start-up Juul raised $1.2 billion last week against a $15 billion valuation, Bloomberg reports. Why is it so valuable? Selling nicotine has been a good business model for a long time, and Juul is making a product that delivers nicotine like a cigarette. Verge video director Christian Mazza started vaping after he quit the cigarettes he'd smoked for 15 years. At first, he didn't like the Juul compared to the low-nicotine e-cigs he started with. But over time, he says, "It just sort of...