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People who are using heated tobacco to quit smoking could consider switching to NICE-recommended stop smoking aids like licenced nicotine replacement products (patches and gum), medications or nicotine vapes

Future returns for MO shareholders are expected to be 10.6%-12.6% over the long run, consisting of: 3.6% dividend yield 5%-7% EPS growth 2% share buybacks This returns could be reduced by valuation contraction (MO currently trades for 21.6x earnings, higher than historical averages)

The economics are direct

In the 1950s, 2% of white smokers chose menthols, compared with 5% of Black smokers, according to an industry survey