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"We're certainly not seeing any progress when it comes to e-cigarettes." "What we ultimately don't want to do when it comes to tobacco product use is play a game of whack-a-mole," King said, "where we're allowing certain products to go down, and certain products to go up

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That provides some upside potential for a stock that otherwise has low growth expectations.

where smoking prevalence among adults was consistently high between 2011 and 2020

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