Starting in Oct., CVS Caremark will be the first major U.S. drug store chain to stop selling tobacco products, Reuters reported.

Health experts applauded the decision and said CVS, the nation's second leading drugstore chain is setting the example for others. It will only be a matter of time before determining if other retailers follow suit.

"Today's decision will help advance my Administration's efforts to reduce tobacco-related deaths, cancer, and heart disease, as well as bring down healthcare costs," President Barack Obama, a former smoker, said in a statement.

Walgreens, the nation's leading drugstore chain, said it would continue to sell tobacco products while evaluating the product. Rite Aid, the third overall leader did not publicly comment.

CVS does not believe the loss of revenue from tobacco sales will hurt profits too much. The company expects to lose out on $2 billion per year, but analysts say the drugstore will make $132.9 billion in revenue and shares will go for $4.47 apiece.

Larry Merlo, CVS Caremark's CEO told Forbes that no longer selling cigarettes is part of an institutional shift to being a better caregiver.

"We've got 26,000 pharmacists and nurse practitioners who are helping millions of patients each and every day," he said. "They manage conditions like high blood pressure, high cholesterol, and diabetes - all conditions that are worsened by smoking. We've come to the decision that cigarettes have no place in an environment where healthcare is being delivered."

According to USA Today, pharmacies and grocery stores in states like Massachusetts and California have banned tobacco sales altogether. Now that a major drugstore chain has done so, others may be expected to do the same.

CVS brass also met with tobacco industry leaders to explain the decision, since it will affect several companies' revenues, even if relatively little.

Previous studies have shown that a majority of current smokers want to quit and at least half have tried. CVS' decision may play a big role in several smokers' final and lasting attempt to quit.