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Altria Neighborhood Inc. wrote down its funding in Juul Labs Inc. by higher than a third, acknowledging that it hadn’t anticipated the regulatory pitfalls confronting the e-cigarette market.

The tobacco large took a $4.5 billion write-down on Juul and now holds its stake at a impress that values the e-cigarette maker at about $24 billion, down from its $38 billion valuation when Altria invested final year. Altria talked about Thursday that its decision used to be primarily based in fragment on proposed U.S. bans on e-cigarette flavors and regulatory crackdowns…

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