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Category: Business & Finance

  • REJO Expanding its HNB to Europe

    REJO Expanding its HNB to Europe

    REJO, a global provider in heat-not-burn solutions, presented a new product, logo, and slogan as it announced its expansion into the European market.

    The company introduced new varieties of its TOZE herbal sticks, inspired by East Asia’s rich tradition of tea-based cigarettes, that combine natural tea fibers, nicotine, and precisely balanced flavors. The sticks are meant to pair with the REJO HS40 heating device.

    “Early market feedback from France, particularly among traditional tobacco retailers, has underscored the growing demand for TOZE products,” the company said in a statement. “Praised for their consistent aroma and reduced smoke odor, TOZE herbal sticks are well-positioned to meet the rising market demand for flavored alternatives.

    “As REJO continues its global expansion, the company remains committed to its mission of redefining the smoking experience through innovation, reliability, and sustainability. With a strong foundation in place and ambitious plans for growth in Europe and beyond, REJO is committed to delivering reliable alternatives that empower consumers to make informed choices about their smoking experience.”

    Headquartered in China, the company says it currently has products available in nearly 10,000 retail outlets across Russia, the Middle East, and Southeast Asia. The company said it will begin its European expansion initially focusing on the Czech Republic and Switzerland. REJO has already secured key EU regulatory approvals, including: Tobacco Products Directive (TPD) registration, Poison Centre Notification (PCN) compliance, and Track-and-Trace registration.

    The company’s new slogan is, “Take a Break. Take REJO.” Its brand redesign features an extended “O” with a petal-like shape and vibrant color palette that, according to the company, “center around a warm, inviting shade of green-symbolizing comfort, relaxation, and a natural connection to the essence of the product.”

  • PMI Outlines Smoke-Free Progress in Annual Report

    PMI Outlines Smoke-Free Progress in Annual Report

    Philip Morris International today (April 3) published its sixth annual Integrated Report, marking the company’s 10th year of business transformation and sustainability disclosures. The document details PMI’s continued progress in delivering long-term value to shareholders and other stakeholders while advancing its purpose of having its smoke-free alternatives make cigarettes obsolete as soon as possible.

    “Our 2024 Integrated Report celebrates a milestone year that marked the 10thanniversary of the commercialization of IQOS, VEEV, and ZYN and our journey toward achieving one of the most ambitious business transformations in modern history,” said Jacek Olczak, Chief Executive Officer of PMI. “By the end of 2024, our efforts to expand access to smoke-free products allowed us to reach an estimated 38.6 million adult users, with the products available in 95 markets, demonstrating our deep commitment to sustainability and business transformation. These achievements fill me with profound optimism as we continue to create long-term value while addressing our product and operational impacts, not only sustaining but accelerating our momentum, accomplishing a number of goals that only a few years ago seemed too ambitious.”

    The report describes the company’s strategy, business model, and both product-related and operational-related performances. The report explains the company’s performance and approach to sustainability in the context of a comprehensive five-pillar framework that includes compliance and risk mitigation as well as operational efficiency, innovation, and purposeful impact

    “The path to transformation is rarely linear, and our experience in 2024 reinforces a crucial truth: Achieving a smoke-free future requires collective effort beyond our direct control,” said Emmanuel Babeau, Chief Financial Officer of PMI. “Our smoke-free business accounted for approximately 39% of PMI’s total net revenues for the full year 2024, with an acceleration in top- and bottom-line growth. Competing in the cigarette market while simultaneously working to transform it is not a contradiction but a necessary phase in our journey. Our integrated approach—linking financial success with positive impact—positions us well to continue investing in the future. We remain confident that our financial strength, combined with our sustainability leadership, is the right path forward.”

    Performance Highlights:

    • Six markets where more than 75% of net revenues are generated are smoke-free
    • $14 billion cumulative investment behind smoke-free products since 2008
    • 99% of total shipment volume covered by youth access prevention programs in indirect retail channels
    • 0.01% prevalence of child labor among contracted farmers supplying tobacco to PMI
    • 10 human rights impact assessments completed since 2018 in highest-risk countries
    • 61% of PMI manufacturing facilities certified as carbon neutral
  • Imperial Vows to Grow Profits 3-5% Over Next Five Years

    Imperial Vows to Grow Profits 3-5% Over Next Five Years

    Today (March 26), Imperial Brands said it will grow annual operating profits by 3-5% and launch a share buyback every year until 2030 as it prepares to set out its growth strategy at a capital markets day.

    The company has enjoyed a rebound in sales and returns after retreating to focus on core markets and its tobacco business following an earlier foray into vapes that saw it lose market share. It outlined a new five-year strategy, signaling a continuation of that focus but also an effort to build scale in smoking alternatives, including its e-cigarette brand blu, nicotine pouch brand Zone and heated tobacco device Pulze.

    Over the years to 2030, that plan would deliver up to 5% operating profit growth a year, led by smoking alternatives, and an annual share buyback, with free cash flows of up to £3 billion ($3.9 billion) per year, it said in a statement.

    “The strategy builds on the firm foundations of our current plan, which has created a better business delivering a stronger, more consistent operational and financial performance, and excellent returns for shareholders,” chief executive Stefan Bomhard said.

  • Rebellion Cigars Going to Germany

    Rebellion Cigars Going to Germany

    U.K.-based Rebellion Cigars announced today (March 19) that it has signed an agreement with Royal Cigar Distribution (RCD) of Münster to bring its cigars to Germany.

    “I met [RCD CEO Alex Wehlage] and his team at Intertabac in 2023. Great people with a great understanding of where the cigar market is going in Europe,” said Shaun Wilkinson, co-founder of Rebellion Cigars. “Rebellion smashes the target market and the feedback from the retailers we approached, has been nothing less than superb.”

    The company said that its Rockstar Range will be available in Germany this month and the Country Range will be offered later this year. Rebellion divides its portfolio into two “ranges,” each containing various blends and typically three vitolas per blend.

    “I’ve smoked my first Rebellion cigar at Intertabac in Dortmund,” said Wehlage. “I enjoyed every minute of the Ace of Spade Robusto. A truly great cigar. I’m impressed. The aroma was wonderfully complex and balanced. The story behind the company is amazing and for me, as a rock and metal music fan I love the idea of the cigar names, and I’m thrilled to share the experience with others in Germany.”

  • EAS Adds Gabriel Muñiz as Consultant

    EAS Adds Gabriel Muñiz as Consultant

    EAS Consulting Group announced the addition of Gabriel Muñiz to its team of independent consultants, saying he is a “distinguished expert in FDA regulatory compliance, quality systems, and risk management, with nearly two decades of experience in tobacco and other FDA regulated product industries.” Muñiz served as a director at the FDA and a senior regulatory leader at Juul Labs, and brings firsthand knowledge of FDA enforcement strategies, compliance expectations, and regulatory submission requirements. He has experience in quality management systems, regulatory risk assessments, data integrity, supplier control, and FDA inspection readiness.

    “With his unique blend of FDA regulatory experience and industry leadership, Gabriel Muñiz is a trusted resource for companies requiring expert guidance in FDA compliance, regulatory risk management, and litigation support,” EAS said in a statement. “Before transitioning to private industry, Gabriel spent over a decade at the FDA, where he served as an FDA Director and Level II Investigator. He was the first-ever director of the FDA’s Office of Regulatory Affairs Tobacco Operations Staff, where he played a pivotal role in shaping FDA compliance and enforcement activities for the tobacco industry.”

    EAS Consulting Group is a global leader in regulatory solutions and testing for the FDA and USDA-regulated industries, working with more than 200 independent consultants.

  • Cresco Labs Shows Record Cash Flow in FY24

    Cresco Labs Shows Record Cash Flow in FY24

    Cresco Labs Inc. today (March 13) released its financial and operating results for the fourth quarter and FY24. For the year, Cresco Labs reported:

    • Revenue of $724 million, record operating cash flow of $132 million, and free cash flowof $114 million.
    • Gross profit of $364 million. Adjusted gross profit of $374 million; and an adjusted gross margin of 52% of revenue, a 270 bps improvement year-over-year.
    • SG&A of $221 million. Reduced Adjusted SG&A by 12% year-over-year to $212 million, or 29% of revenue.
    • Net loss of $60 million which includes one-time, non-cash charges of $66 million, related to the company’s expected benefits from its updated 280E position, as initially described in the second quarter of 2024.
    • Adjusted EBITDA1 of $200 million, up 15% year-over-year; and Adjusted EBITDA margin1 of 28%, a nearly 510 bps improvement year-over-year.

    “In 2024, the team executed with discipline—streamlining operations, prioritizing profitability, and generating record free cash flow,” said Charlie Bachtell, Cresco Labs CEO and co-founder. “With $132 million in operating cash flow, a leading brand position in our core markets, and retail productivity that outperforms the industry, our foundation is stronger than ever. In 2025, we’re extending our focus to strategically deploy capital to create growth and maximize returns for the years ahead. It’s a straightforward approach: execute at the highest level, generate cash, reinvest in high-ROI opportunities, and repeat.

    “Kentucky is our first of these new market expansions—a strategic addition backed by clear regulations. As one of only two Tier 3 cultivators, we have up to 25,000 square feet of canopy, representing more than 20% of the state’s total allocation. This allows us to scale efficiently, serve patients quickly, and reinvest in our operations—just as we have in Illinois, Pennsylvania, and Ohio. Congratulations to the Cresco team on a phenomenal 2024 and Let’s Go in 2025!”

  • North Dakota Rejects Tobacco Tax Increase

    North Dakota Rejects Tobacco Tax Increase

    Representatives in the North Dakota House rejected a bill Wednesday (March 12) that would raise taxes on nicotine products with the funds earmarked for a tobacco distribution fund. Senate Bill 2281 would have raised taxes on cigarettes by 25 cents a pack and levied higher taxes on vapes, chewing tobacco, and other nicotine products.

    The bill had passed in the Senate, but this week the House Finance and Taxation Committee took a closer look at the idea and said in some cases tobacco goods could be taxed twice and create larger black market sales.

    “If a tax policy was bad last month, it’s still bad today,” Rep. Ty Dressler said. “Senate Bill 2281 implements a large tax increase and a regressive one at that. Most of the impact falls on those that can afford it the least. It may harm retailers, increase black market trade, and weaken economic growth.”

  • RLX to Release Financials Tomorrow

    RLX to Release Financials Tomorrow

    RLX Technology Inc. announced it will release its fourth quarter and FY24 unaudited financial results on Friday, March 14, 2025. The e-vapor company will host an earnings conference call at 8 a.m. EST. Participants should dial in 10 minutes early and request to be connected to “RLX Technology Inc.” using the following dial-in information:

    Dial-In Details:

    • United States (toll free): +1-888-317-6003
    • International: +1-412-317-6061
    • Hong Kong, China (toll free): +800-963-976
    • Hong Kong, China: +852-5808-1995
    • Mainland China: 400-120-6115

    Participant Code: 7971219

    A live and archived webcast of the conference call will be available on the Company’s investor relations website at https://ir.relxtech.com. A replay of the call will be accessible until March 21, 2025. To access the replay, dial the following numbers:

    • United States: +1-877-344-7529
    • International: +1-412-317-0088

    Replay Access Code: 5229492

  • BAT Gives Notice of Annual Meeting 

    BAT Gives Notice of Annual Meeting 

    BAT announced that it has published its Notice of Annual General Meeting 2025 on its website ahead of the meeting on April 16. The following documents are being mailed and made available to its shareholders today (March 13):

    1)    Annual Report and Form 20-F 2024 (including the Strategic Report 2024) www.bat.com/annualreport

    2)    Combined Performance and Sustainability Summary 2024 www.bat.com/annualreport

    3)    AGM Notice 2025 www.bat.com/AGM

    4)    Proxy Form 

    5)    Proxy Form – South Africa 

    6)    Voting Instruction Form – South Africa

    Click here for details on document submissions and local compliance.

  • BAT Announces Pricing of $2.5B Notes Offerings

    BAT Announces Pricing of $2.5B Notes Offerings

    British American Tobacco today (March 12) announced that B.A.T Capital Corporation, a wholly owned subsidiary of BAT, has priced an offering of $2.5 billion aggregate principal amount of guaranteed debt securities consisting of (1) $1 billion 5.350% notes due in 2032, (2) $1 billion 5.625% notes due in 2035, and (3) $500 million 6.250% notes due in 2055.

    The notes will be fully and unconditionally guaranteed on a senior and unsecured and joint and several basis by BAT, B.A.T. International Finance p.l.c., B.A.T. Netherlands Finance B.V. and, unless its guarantee is released in accordance with the relevant indenture, Reynolds American Inc.

    The issuance of the notes is expected to close March 13, subject to customary closing conditions.

    BAT intends to use the net proceeds of the offering of the notes for general corporate purposes, including the potential repayment of existing indebtedness.

    The preliminary prospectus supplement is available at: 424B2 (sec.gov)

    The shelf registration statement is also available at: F-3ASR (sec.gov)