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November 2025 Update: As of today, nearly 5,000 comments were submitted on the FDAs proposal to make cigarettes and other tobacco products minimally or nonaddictive by limiting nicotine levels in those products, including 109 comments submitted through a comment campaign created by Salud America
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While Jefferies foresees a ban happening, the brokerage does not expect it to take place until 2026 at the earliest
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