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In terms of the outlook, the industry is also optimistic about the continued rollout of next-generation [e-cigarette, vaping, etc.] products. Christopher Growe, an analyst at Stifel Nicolaus, is especially bullish on Philip Morris, noting that the company recently forecast greater than 5% revenue growth and greater than 9% earnings growth over the next three years setting Philip Morris apart from its tobacco peers and placing it in the top-tier of all consumer staples companies

Norman Swan : Yeah, and cannabis has been demonised, and there are risks associated with cannabis, and this is all related to early use

The next tax increase under Proposition EE will come in January, when taxes on the manufacturers list price for nicotine products rise to 35% from 30%

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Despite slashing the number of cigarette smokers, the decline masks a still pervasive use of smokeless products