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Studies have shown that many young people see vaping as harmless

Oklahomas reliance on these taxes is likely driven by the large prevalence of gambling and the relatively low individual tax burden

In the long-run, I expect US cigar portfolio to deliver 20 bps margin expansion, and grow by 2%-3% (it grew double digits in last 2 quarters due to pantry loading) driven by strong performance of natural leaf cigars and relative affordability to cigarettes

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Low density (one unit per half-acre or less) single family residential development is discouraged

Altria brings with it lobbying and legal expertise that could help Juul as it comes under increased federal scrutiny