On February 5, CVS Caremark made the startling announcement that it would no longer sell tobacco products in its 7,600 pharmacies throughout the United States. The bold gesture garnered quick praise from the likes of President Obama and Michael Bloomberg.
The decision seemed especially laudable given the company stands to lose $2 billion in sales—revenues that will undoubtedly be picked up by rivals like Walgreen and Rite Aid, which continue to sell tobacco.
But the pharmacy’s move to forego....