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Pop star Bruno Mars, who sings about being a billionaire on the cover of Forbes magazine, is hoping to bring his lyrics to life by investing in the small but fast-growing market for electronic cigarettes.
The artist has taken a stake in privately owned NJOY, one of the leaders in the e-cigarette category, which is beginning to eat into traditional cigarette sales.
“I’ve been using NJOY Kings instead of cigarettes these days, and I’m sticking to it,” Mars said in an e-mail to The Post. “I believe in the product and the company’s mission.”
NJOY CEO Craig Weiss said Mars approached the company about making an undisclosed investment, and that he is the second bold-name investor — the other is an as-yet-unnamed TV and movie star — to take a stake in the company.
Mars doesn’t have an agreement to promote NJOY, so it’s his decision whether to endorse the product or not.
Mars, who was pictured on the front of the May’s issue of Rolling Stone smoking a regular cigarette, recently told fans he’s switching to the NJOY brand.
He tweeted a photo of himself toking on the brand on May 12. “Day 1 E-Cig, Gotta do it!! This is for you mom,” he tweeted.
E-cigarette makers are prohibited from making health claims, but the nicotine-laced substitutes are viewed as less harmful and offensive than regular cigarettes that release their toxins through combustion. They are also cheaper and escape the sin taxes that are imposed on tobacco products.
Wells Fargo analyst Bonnie Herzog predicts that the e-cigarette market will grow from $300 million last year to $1 billion in the next few years.
Still, e-cigarettes suffer from a serious image problem — that is, they aren’t cool or dangerous enough for some smokers.
Founded in 2006, NJOY, based in Scottsdale, Ariz., is backed by Catterton Partners, which specializes in consumer goods and services to small and midsize firms.