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Imperial Brands said on a earnings call, "[W]e can continue to take pricing to offset volume declines" (while British American Tobacco recently stated its price/mix more than offset volume decline.) *** Full read here: economist.com/finance-and-ec The Economist talks about why American tobacco stocks have outperformed tech in recent years and textbook example of "price-inelastic" buyers: Over the past decade, the # of US smokers has declined by 20m (and cigarettes sold is down by 1/3rd) So, cigarette firms have charged more to their most committed smokers (operating margins grown from 50% to 60%) In 2025, cigarette makers in the US will make operating profit of $22B While the industry goes away, only the most addicted smokers are left

Furthermore, one study has reported that maternal smoking has a greater impact on male fetuses than on female fetuses (Zaren et al., 2000)

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A standard Geek Bar contains the nicotine equivalent of approximately 4048 cigarettes

in How Tobacco Smoke Causes Disease: The Biology and Behavioral Basis for Smoking-Attributable Disease: A Report of the Surgeon General

Epigenetic effects of ethanol on the liver and gastrointestinal system