The machine-rolled cigar segment in the U.S. has seen annualized lsd volume growth + modest pricing for a small # of players that are unlikely to ever face meaningful new competition.
Would a ban on non-tobacco characterizing flavors kill this cash cow?
Altria doesn't disclose what % of JMC sales are non-tobacco flavors. Data suggests the total US industry category is about 50/50 flavored/non and the most popular B&M is original
Part of industry demand is turning the product into weed blunts, but that generally leans towards other brands like Swishers, Backwoods, White Owl, etc. Smaller for B&M, despite having a large % share.
JMC is normally ignored by most investors as machine-rolled cigar volumes are dwarfed by cigarettes for Altria, but this asset has a good chance of kicking off obscene cash for the foreseeable future. Perhaps decades. Perhaps for longer than any of us will be alive.