Altria's (MO), or specifically Philip Morris' (PM), iQOS was a huge boon for both companies. The reasoning was simple. Regulators are targeting toxic components in combustible cigarettes and iQOS is a healthy alternative. Even though the FDA press release specifically referred to combustible cigarettes, this narrative is no longer valid as regulators are now targeting the addictive component, something the iQOS relies as much on as combustible cigarettes. It would seem to be only a matter of time until addictive levels of nicotine are banned in all products.

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