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Froggatt, S., Reissland, N
Use Cannabis In Moderation: Know Your Limits Look, were not here to preach or rain on your cannabis parade, but moderation is essential when it comes to avoiding those post-weed headaches
In summary, here are all the key assumptions in our model: -2% decline in traditional tobacco ex-menthol 50% drop in US menthol brand sales in 2026 driven by US ban 25% growth in smoke-free products near term, stepping down to 12% by 2030 40% incremental margins in smoke-free products 51% operating margins in combustibles, falling to 44% over time due to menthol ban and 60% decremental margins 11x terminal PE ratio in 2030 justified by the 35% revenue share of non-combustibles and 2% profit growth in that year
Schools generally provide education on the use of tobacco, alcohol, and other substances, but their impact is unclear
On the inhale, the tobacco taste feels soft and controlled rather than sharp or dry
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