In an effort to curb smoking, the Biden administration is expected to issue a new ruling requiring tobacco companies to reduce nicotine levels in cigarettes sold in the U.S. to minimally or non-addictive levels, according to the Wall Street Journal. As a part of President Biden’s Cancer Moonshot initiative, the administration aims to reduce the cancer death rate by at least 50% over the next 25 years. This is surely bad news for the $95 billion U.S. cigarette industry and most likely will invite huge resistance from the U.S. tobacco growers and retailers and market leaders like Altria Group Inc. (MO), Philip Morris International, Inc. (PM), among others.
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