Registration is complimentary for financial advisors.
Summary: Tobacco has been among the best-performing US industries for half a century, and it is now replacing its own core product. Smoke-free products grew from about 8% of world nicotine volume in 2015 to 17% in 2025, and the FDA has allowed a nicotine product to carry an explicit lower-disease-risk claim against cigarettes. This session asks whether that changes the case for holding the sector in a client portfolio. More...