Source: Cowen
July 7, 2017
The Cowen Insight
Our weekly Cowen Cigarette & Cannabis Circular highlights important news in the tobacco and cannabis industry for the week ending 7/7/2017.
Cannabis
. A lawyer sues Florida for banning smoking in its medical cannabis law
. The Massachusetts panel set up to finalize rules for the adult-use cannabis market is put on hold
. Nevada begins adult-use sales
. Greece announces plans to legalize medical cannabis
. Denver finalizes its on-site cannabis use rules
. Delaware passes a bill to set up a committee to look into legalizing adult-use cannabis
Tobacco
Taxes/Price
. Delaware increases the tax on cigarettes in its budget. Considering ballot initiatives and bills proposed or within governors' budgets, we estimate the weighted average SET would increase 18% as of Jan. 1, 2018, compared to July 1, 2017 rates, if all are passed (see appendix)
. France announces plans to increase cigarette taxes
. Hungary increases cigarette taxes, while Turkey says it will not increase cigarette taxes in the back-half of the year
Regulation
. Oregon's House passes a bill to raise the legal tobacco purchasing age to 21
. Tokyo's Governor aims to implement a city smoking ban ahead of the 2020 Olympics
Company Specific
. PM expands production of iQos HeatSticks in Switzerland
. PM says iQos has achieved ~70% conversion rates in the U.K.
. BAT invests to expand production at its Romanian facility
Industry
. KPMG releases its 2016 illicit tobacco report in the EU, finding illicit tobacco made up 8.8% of consumption in 2016, down from 9.8% in 2015
Comments
Post a Comment
Add a comment about this article.