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  • Researchers: Flavored-Vape Debate Needs to Follow Science, Not Politics

    Researchers: Flavored-Vape Debate Needs to Follow Science, Not Politics

    The resignation of FDA Commissioner Marty Makary on May 12 over reported tensions with President Donald Trump regarding the agency’s approval of two fruit-flavored nicotine vapes brought the flavored-vape battle front and center in American politics. The decision marked a shift from the FDA’s previous authorization of only tobacco and menthol flavors and reignited debate over flavored vaping products.

    Three public health researchers warned the debate over fruit-flavored nicotine vapes should be guided by evidence, not politics. Dr. Jamie Hartmann-Boyce from the University of Massachusetts Amherst, Dr. Holly Jarman from the University of Michigan School of Public Health, and Dr. Claire L. Ma from the University of Michigan, who study scientific evidence, health policy, and regulation, respectively, acknowledged both sides of the debate, where studies show that sweet and fruity flavors can attract youth and non-smokers, but also that vaping is significantly less harmful than smoking and may help adult smokers quit. The authors urged lawmakers and regulators to follow scientific findings when shaping vape policy, as researchers continue to discover the benefits and risks of vape use.

  • Cabbacis Talking Future at Sidoti Micro-Cap

    Cabbacis Talking Future at Sidoti Micro-Cap

    Cabbacis announced that its CEO, Joseph Pandolfino, will present at the upcoming Sidoti Micro-Cap Virtual Conference, where he is scheduled to host virtual one-on-one meetings with institutional investors and deliver a live 30-minute webcast presentation on May 21 beginning at 10 a.m. ET. The appearance highlights investor interest in Cabbacis’ patented iBLEND risk-reduction tobacco products as the company advances development under its federally licensed manufacturing platform.

  • Singapore’s Illicit Vape Trade Generated $8.1M Despite Ban

    Singapore’s Illicit Vape Trade Generated $8.1M Despite Ban

    A new report by the EU-ASEAN Business Council and Euromonitor International estimates Singapore’s illegal vape market generated S$10.4 million ($8.1 million) in revenue between 2024 and 2025, contributing to roughly S$156 million ($121.7 million) in lost government revenue from illicit tobacco sales. Despite Singapore’s 2018 vaping ban and stricter penalties, authorities continue to intercept large shipments, including a February seizure of e-vapes worth over S$1.1 million ($858,000). Singapore Customs also reported sharp rises in duty-unpaid cigarette seizures in 2024 and 2025, underscoring the persistence of illicit trade even as the country maintains one of the region’s lowest rates of illegal cigarette consumption.

  • Foreign Investors Increase Stakes as KT&G Posts Record Sales

    Foreign Investors Increase Stakes as KT&G Posts Record Sales

    KT&G is attracting renewed global investor interest after reporting record first-quarter overseas tobacco sales and continued strength in shareholder returns, according to The Korea Times. Earlier this month, Capital Group acquired a 5.61% stake in the company through its subsidiary, following a similar move in January by BlackRock, which built a position of more than 5%. Foreign investors have posted net purchases of KT&G shares for 22 consecutive trading days since April 9, lifting foreign ownership by nearly one percentage point, as investors increasingly view the stock as a value play supported by solid fundamentals and dividend policy rather than Korea’s semiconductor-heavy market trends.

    KT&G’s share price climbed from the ₩140,000 ($92.40) range in January to around ₩180,000 ($118.80), supported by first-quarter sales of ₩1.7 trillion ($1.1 billion) and operating profit of ₩365 billion ($241 million), up 14.3% and 27.6% year-on-year, respectively. Overseas tobacco sales reached a record ₩560 billion ($370 million), with operating profit from global operations rising 56.1%. Having already met its ₩3.7 trillion ($2.4 billion) shareholder return target for 2024–2027, KT&G plans to announce a new return policy later this year and has pledged to cancel all treasury shares following revisions to Korea’s Commercial Act, moves that analysts say are reinforcing its appeal among long-term institutional investors.

  • BAT Launching Digital and Technology Hub in India

    BAT Launching Digital and Technology Hub in India

    British American Tobacco announced plans to open a new information, digital, and technology (IDT) hub in Fraser Town, Bengaluru, India, as part of efforts to strengthen its global technology footprint and accelerate its transformation into a more agile, data-driven business. The hub will house BAT’s newly created Future Capabilities Centre (FCC), designed to consolidate key digital, data, cybersecurity, artificial intelligence, and platform capabilities in one location to drive innovation and operational efficiency across the group.

    The FCC will create a range of highly skilled roles and tap into Bengaluru’s technology ecosystem to support BAT’s global operations through advanced digital solutions and strategic partnerships. According to Javed Iqbal, BAT’s Interim Chief Financial Officer and Director for Digital and Information, the center will play a critical role in scaling innovation and embedding technology at the core of the company’s operations as it adapts to a rapidly evolving business environment.

  • Philippines Flagged ‘Elevated Risk’ for Illicit Cigarettes as Price Gaps Grow

    Philippines Flagged ‘Elevated Risk’ for Illicit Cigarettes as Price Gaps Grow

    The Philippines has been identified as an “elevated risk” market for illicit cigarettes, with illegal products accounting for 25.3% of total sales last year and projected to rise to 28.9% by 2028, according to a Euromonitor International study commissioned by the EU-ASEAN Business Council. The report estimates the government lost nearly $980 million in 2024 and about $1.1 billion last year due to the illicit cigarette trade, while illegal e-vapes, which make up 86% of the market, caused an additional P23 billion ($400 million) in losses from 2024 to 2025.

    Researchers cited price-sensitive consumers, porous maritime borders, established regional smuggling routes, annual excise tax hikes of 5%, and enforcement challenges as key drivers, with illicit products increasingly imported from neighboring ASEAN states and China. The study also highlighted the growing role of digital platforms such as Telegram, WhatsApp, and Facebook Marketplace in distributing illegal tobacco, alongside traditional sari-sari stores and street vendors, and warned that paper-based tax stamps are easily counterfeited, recommending a shift toward digital tax verification systems to better protect revenues and track the trade.

  • Maldives Customs Seizes 2.3M Smuggled Cigarettes

    Maldives Customs Seizes 2.3M Smuggled Cigarettes

    Authorities at the Maldives Customs Service intercepted more than 2.3 million smuggled cigarette sticks during an operation at the Malé Commercial Harbor last week, uncovering over 230 cases of illicit tobacco products with an estimated street value exceeding MVR 32 million ($2.1 million). Officials did not disclose further operational details, but the seizure comes amid a noted surge in cigarette smuggling following recent hikes in tobacco import duties. The case also follows earlier incidents involving charges over the theft of a container holding previously confiscated cigarettes, underscoring growing enforcement challenges tied to the expanding black market for tobacco in the Maldives.

  • Bosnia, Industry Cracking Down on €500M Tobacco Black Market

    Bosnia, Industry Cracking Down on €500M Tobacco Black Market

    Authorities and industry representatives in Bosnia and Herzegovina say the illegal tobacco trade is costing the country more than €500 million annually, as cigarettes without excise stamps and cross-border smuggling continue to undermine the legal market and public revenues. Officials from the Indirect Taxation Administration of Bosnia and Herzegovina and the Finance Ministry stressed that coordinated enforcement, stable excise policy, and cooperation with manufacturers such as British American Tobacco and Japan Tobacco International helped reverse a sharp market collapse seen around 2019–2020, when legal cigarette volumes fell from 12 billion to 3.5 billion sticks annually.

    Authorities say improved policy alignment and citizen reporting through the “Stop Smuggling” campaign have since supported revenue recovery, while warning that the shadow market still distorts competition, drains budgets that fund public services, and complicates efforts to align with European regulatory standards. 

  • BAT Stock Surges, Despite Legacy Combustibles Shrinking

    BAT Stock Surges, Despite Legacy Combustibles Shrinking

    Shares of British American Tobacco climbed 13.99% in London trading last week to £48.64 on May 15, as investors reacted to a mix of regulatory, legal, and capital signals. Market attention followed the U.S. Food and Drug Administration authorization of flavored Glas ENDS products, seen as a reference point for how flavored e-cigarettes may fare under the PMTA pathway, even though the decision did not involve BAT’s Vuse brand. Sentiment was further supported after a U.S. court dismissed a sanctions-related criminal case tied to BAT’s prior North Korea compliance matter, confirming the company had fulfilled its deferred prosecution agreement, alongside continued focus on BAT’s planned £1.3 billion 2026 share buyback and growth prospects for its newer nicotine portfolio, including VELO.

    In contrast, BAT Bangladesh reported a 14% year-on-year drop in cigarette volumes and a 34% decline in profit for Q1 2026 amid higher taxes, inflationary pressure, and weaker consumer purchasing power, underscoring the diverging performance between BAT’s legacy combustible markets and investor expectations tied to reduced-risk product expansion.

  • PMI Accused of Hypocrisy for Cigarette Ads While Pivoting to Smoke-Free

    PMI Accused of Hypocrisy for Cigarette Ads While Pivoting to Smoke-Free

    The Guardian published an article today (May 18) titled, “Marlboro maker accused of ‘exploiting’ young people with new global ad campaign,” which reported that anti-tobacco campaigners have accused Philip Morris International of hypocrisy over its global “I AM Marlboro” campaign, saying the ads link Marlboro cigarettes with youth identity and lifestyle despite CEO Jacek Olczak previously declaring that “cigarettes belong in museums” as the company pivots toward smoke-free products. Advocates from the Campaign for Tobacco-Free Kids and Vital Strategies told the paper the campaign, which is running in 20 countries, echoes PMI’s earlier “Be Marlboro” effort that was banned in Germany over youth appeal concerns, while researchers at the University of Bath said the decline in PMI’s cigarette sales has stalled since it announced its smoke-free ambitions. PMI disputed the criticism, saying 43% of its Q1 2026 net revenue came from smoke-free products and that its marketing is restricted to adults under strict internal codes and legal requirements.