Maybe the third time will be the charm for Altria Group (NYSE: MO), which is taking the field again in electronic cigarettes after entering into a joint venture with Japan Tobacco (OTC: JAPAF) to co-market new reduced-risk products. After its ownership stake in Juul Labs went up in smoke and its partnership with Philip Morris International (NYSE: PM) was blocked by patent violations, this new deal could represent Altria's best shot at becoming a player again in the space. Altria and Japan Tobacco are forming Horizon Innovations, a joint venture 75% owned by the U.S. cigarette maker and 25% owned by its Japanese counterpart, that will oversee U.S. commercialization of any products either company develops.