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Importantly, we expect the FDA will encourage continued [reduced-risk product] innovation with the goal of increasing adoption of these products. Previous Slide Next Slide Faster adoption of reduced-risk devices The FDAs embrace of a continuum of risk, which supports the notion that people can migrate from high-risk, combustible cigarettes to reduced-risk products, is essentially positive for the industry, Herzog said

In 2022, major cigarette companies in the United States allocated approximately $8.01 billion to advertising and promotion, with price discounts to retailers and wholesalers comprising 85.9% of this expenditure, as reported by the Federal Trade Commission