JUUL Labs quietly spun out of vaping company Pax Labs earlier in 2017. JUUL has quickly catapulted up the charts to become the top e-cigarette producer on the market with it's eponymous device, the JUUL. The JUUL is the dominant "closed system" nic salt device in both the convenience as well as vape channels. Now, the San Francisco-based company is raising $150 million in its first financing as an independent company.

The separation allowed JUUL to focus on people seeking an alternative to cigarettes, while Pax, which lets users pack their own loose leaves, exists in a hybrid world between nicotine and various sorts of plants.

Last week, JUUL hired Kevin Burns from Chobani to be CEO.

And now the company is raising money. It's already reeled in $111.5 million from 23 investors, according to a filing with the SEC on Tuesday. In what's described as a convertible note, the company still has $38.5 million left to raise.

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