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Placing excise taxes and bans on vaping products deter current smokers from quitting more-harmful combustible cigarettes, disproportionately harm low-income taxpayers, and punish local businesses

By contrast, we do not have any economically feasible alternatives to fossil fuels for a wide range of socially critical applications, like freight shipping and agriculture

Source: Investor Presentation, page 26 As the leader in a declining industry, we do not expect the company to deliver strong growth in the future

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