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People may turn to illegal imports that could have unreliable nicotine content and lack enforceable manufacturing standards

Both companies carry exposure to regulatory shifts, excise tax changes, litigation and evolving consumer preferences, yet they also generate substantial free cash flow that can be used for dividends, debt reduction and share repurchases

The adjustments set the minimum price for all e-cigarettes at $25 and preclude new tobacco retailers from opening within 300 feet of K-12 schools or in areas that are mainly residential

This positioning can influence how investors view its valuation multiples relative to consumer staples and other defensive sectors