|
Getting your Trinity Audio player ready...
|
by WILL FOLKS
***
It’s been a banner year for Phillip Morris International (PMI), only this time the world’s largest cigarette manufacturer is reaping huge profits from helping people stop smoking.
PMI’s stock is up 13% so far this year (and has soared 25.7% over the past year) – growth driven in large part by its investment in smoke-free technologies. According to its recently released financial report, the company’s smoke-free business accounted for 41.5% of its total net revenues and nearly 43% of its total gross profit.
Driven by the sale of heated tobacco products (HTPs), PMI is positioned to dominate this rapidly expanding smoke-free market in the coming years.
***
“Philip Morris is executing this like no one else,” a recent analysis in Seeking Alpha noted.
Last month, the company announced its intention to continue an aggressive capital investment campaign – one including infrastructure investments in Colorado, Kentucky, and North Carolina. According to the company, these investments are projected to bring between 1,000 and 1,500 jobs and a recurring annual economic impact of $800 million.
“We’re investing in the country’s future, starting with accelerating the shift to a smoke-free America, a nation free from cigarettes,” PMI chief executive officer Stacey Kennedy noted.
Could South Carolina be in line to benefit from this expansion? Possibly… but the Palmetto State would be wise to consider amending its current laws to incentivize it.
***
RELATED | FITSFORUM: SC MUST PRIORITIZE HARM REDUCTION
***
This issue was addressed late last month in a guest column submitted to our media outlet by former U.S. Department of Health and Human Services (HHS) director Tom Price.
“States such as Mississippi and Alabama have already passed legislation to make HTPs more affordable than cigarettes by applying differential taxation,” Price wrote. “By incentivizing adults who smoke to transition to better, smoke-free options, these tax policies support positive public health outcomes across the state and have the potential to reduce healthcare costs associated with smoking-related illnesses if adults who smoke, switch completely to these innovative alternatives instead. Palmetto State lawmakers would be wise to pursue a similar approach.”
According to the latest data (.pdf) from the S.C. Department of Public Health (SCDPH), approximately 11.8% of South Carolina adults were smokers as of 2023 – down precipitously from 27% in 1992. Other data (.pdf) shows there’s been a huge drop in the percentage of teens using tobacco products in the Palmetto State in recent years – with only 10% of students using tobacco products in 2024 – down from 21% in 2021.
BANNER VIA: GETTY IMAGES
***
ABOUT THE AUTHOR…
Will Folks is the founding editor of the news outlet you are currently reading. Prior to founding FITSNews, he served as press secretary to the governor of South Carolina. He lives in the Midlands region of the state with his wife and eight children.
***
WANNA SOUND OFF?
Got something you’d like to say in response to one of our articles? Or an issue you’d like to address proactively? We have an open microphone policy! Submit your letter to the editor (or guest column) via email HERE. Got a tip for a story? CLICK HERE. Got a technical question or a glitch to report? CLICK HERE.
2 comments
Oh, for the love of..
Vaping is less harmful than smoking – sort of. The contents of most e-cigs are unknown AND we know that they still expose you to toxins. Just for the record – nicotine is a toxin. THC related products are generally even less regulated than non-THC based vapes.
Vaping is bad for your heart and lungs – emerging data show direct correlation to chronic lung disease, asthma and cardiovascular disease.
E-cigs are addictive, period, full stop. Flavored e-cigs make it worse because they are intentionally marketed/targeted at children.
Evidence suggests that e-cigs DON’T aid in quitting smoking, just in getting you hooked on e-cigs.
1,630,000 school aged children report smoking vapes – that number has increased every year since the end of COVID, disposable “puff bars” are leading to dramatic growth in that age group.
E-cigs ARE NOT SAFE.
Didn’t you know? Top scientists paid by Juul say there’s no long term effects of vaping! In fact, it’s great for you! Also, they totally aren’t marketing it to kids! Now excuse us while a bought and paid for politician passes out checks out on the floor of Congress before a vote.