The Pharmaceuticalization of the Tobacco Industry Yogi Hale Hendlin, Phd; Jesse Elias, MA; and Pamela M

Total Page:16

File Type:pdf, Size:1020Kb

The Pharmaceuticalization of the Tobacco Industry Yogi Hale Hendlin, Phd; Jesse Elias, MA; and Pamela M Annals of Internal Medicine IDEAS AND OPINIONS The Pharmaceuticalization of the Tobacco Industry Yogi Hale Hendlin, PhD; Jesse Elias, MA; and Pamela M. Ling, MD, MPH s developing and legitimizing pharmaceutical-like, The endorsement of health authorities by certifying Ireduced-harm tobacco products giving the tobacco noncombustible products as cessation devices (in the industry a new lease on life? Cigarettes constitute more United Kingdom) or modified-risk tobacco products than 90% of the industry's profits, and the number of (MRTPs) in the United States validates TTC and smokers is increasing worldwide with population e-cigarette company claims and confers public legiti- growth. Smoking prevalence is simultaneously declin- macy. New nicotine products lacking sanction by med- ing, threatening cigarettes' long-term profitability. ical authorities may benefit from a halo effect, whereby Transnational tobacco companies (TTCs) aggressively their resemblance to pharmaceuticals leads consumers promote smoking in low- and middle-income countries to perceive them as such. Without new drug approval, but have also diversified their product lines to in- alternative nicotine products cannot be advertised as clude more socially acceptable alternative nicotine cessation devices; nonetheless, consumers may regard products, marking an industry-wide shift (1, 2). This these as de facto nicotine replacement therapy ana- pursuit of new, standardized, designer, possibly logues. Vaping advocates and some public health or- government-certified nicotine products—a process we ganizations cast e-cigarettes as cessation aids regard- call pharmaceuticalization—may fundamentally change less of certification by drug authorities. As such, the how policymakers and the public perceive both the to- industry assumes the mantle of medical legitimacy by bacco industry and its products. association. AN INDUSTRY IN TRANSITION WHAT IS PHARMACEUTICALIZATION? All major TTCs have large investments in pharma- In medical ethics, pharmaceuticalization is “the ceuticalized tobacco products. Since 2008, Philip Mor- translation or transformation of human conditions, ca- ris International has spent more than $2 billion re- pabilities and capacities into opportunities for pharma- searching reduced-risk products (1, 2). In 2016, it spent ceutical intervention” (3). Applied to tobacco, pharma- another €500 million on its heat-not-burn product ceuticalization represents the tobacco industry's actual iQOS and submitted a multimillion-page MRTP applica- and perceived transition into a pharmaceutical-like in- tion to the U.S. Food and Drug Administration in the dustry through the manufacture and sale of noncom- hopes of certifying it as a reduced-harm product. The bustible tobacco and nicotine products for smoking company ultimately aims “to replace cigarettes with cessation or long-term nicotine maintenance without RRPs [reduced-risk products] as soon as possible,” fol- the testing and oversight required of traditional phar- lowing a “scientific assessment program . inspired by maceutical products. That TTCs pursue selling nicotine standards and practices long adopted by the pharma- products—such as ZONNIC nicotine gum, which is sold ceutical industry” (2). A signal of pharmaceuticalization in the United States through Reynolds American sub- as a broader trend, in 2016 the company also invested sidiary Niconovum, and the Voke nicotine inhaler and $20 million in Syqe Medical, an Israeli manufacturer of e-Voke e-cigarettes, which were licensed by British a medical marijuana vaporizer that allows physicians to American Tobacco (BAT) subsidiary Nicoventures in the prescribe “therapeutic” doses of cannabis (5). United Kingdom—heralds a convergence between to- Reynolds American similarly sought to “migrate” bacco industry nicotine products and pharmaceutical smokers “outside traditional tobacco [to] (Pharma)... nicotine replacement therapy. Pharmaceuticalized to- to cover tobacco dependence, beyond cessation” (6). bacco products share 3 key elements with pharmaceu- In 2017, BAT acquired Reynolds American for $49 bil- ticals: standardized dosing, sleek medical design, and lion, expressing specific interest in the company's next- implicit or explicit certification or approval by relevant generation products, including its best-selling U.S. health authorities (Figure). e-cigarette brand, Vuse (7). Imperial Tobacco launched Two false intertwined assumptions facilitate phar- the e-cigarette Puritane in 2014, whereas its subsidiary maceuticalization: Substantial numbers of “inveterate” Fontem Ventures purchased e-cigarette patents from smokers cannot quit, and most smokers require phar- Dragonite International for $75 million and blu, the sec- macotherapy to do so. These premises may guide pol- ond best-selling e-cigarette brand globally, in 2015. Ja- icy away from prevention or complete cessation, sup- pan Tobacco International bought U.K. e-cigarette porting prolonged use of safer nicotine products. brand E-Lites' parent company Zandera in 2014; the Although exemplary efforts to control tobacco eschew third-largest U.S. e-cigarette company, Logic Technol- alliances with tobacco companies (4), harm reduction ogy Development; and in 2015 the heat-not-burn and accepts a nicotine maintenance industry, potentially re- vaping company Ploom. casting TTCs providing nicotine products as partners The U.K. National Health Service's approval of with health institutions. BAT's e-cigarettes as prescription cessation devices is This article was published at Annals.org on 18 July 2017. Annals.org Annals of Internal Medicine 1 Downloaded From: http://annals.org/pdfaccess.ashx?url=/data/journals/aim/0/ by a Univ of California San Francisco User on 07/17/2017 IDEAS AND OPINIONS Pharmaceuticalization of the Tobacco Industry Figure. Pharmaceuticalized nicotine (and marijuana) products owned by transnational tobacco companies. Company Sample Image Subsidiary and Products Date Notes Altria PMI Group/PMI iQOS heat-not-burn cigarette 2014 (pictured top left) NuMark MarkTen XL e-cigarette 2014 Verve Verve lozenge 2012 Green Smoke Green Smoke e-cigarette 2014 Nicocig Nicolites e-cigarette 2014 Vivid e-liquid Altria Group/PMI invested in the PMI invested $20 million in the Israeli Syqe Medical marijuana inhaler 2016 pharmaceutical marijuana company (pictured bottom left)* Syqe Medical, whose products claim to “consistently deliver metered doses at pharmaceutical-level precision.” Reynolds Niconovum American ZONNIC gum, pouch, and spray 2009 ZONNIC is an FDA-approved NRT product sold by a tobacco company. R.J. Reynolds Vapor Vuse e-cigarette 2013 Vuse is the best-selling e-cigarette in (pictured) the United States. Japan Zandera (United Kingdom) Tobacco E-Lites e-cigarette 2014 E-Lites is 1 of the top-selling e- International cigarettes in the United Kingdom. Logic Technology Development Various e-cigarette brands 2015 (pictured) Ploom e-cigarette and Ploom was acquired by Japan Tobacco heat-not-burn products 2015 International in 2015. British Nicoventures American Vype e-cigarette 2013 Vype e-cigarette is sold at Lloyd’s Tobacco Pharmacy in the United Kingdom against the advice of the Royal Pharmaceutical Society. Nicovations Voke inhaler† 2014 In 2014, Nicovations became the first e-Voke e-cigarette† 2015 company to receive licenses for both its nicotine inhaler (Voke) and, a year CHIC Group (Poland) 2015 later, its e-cigarette (e-Voke). VOLISH, PI, Provog, Cottien, and LiQueen e-cigarettes British American Tobacco 2015 glo iFuse tobacco heating product glo noncombustible cigarette 2016 (pictured) Imperial Fontem Ventures Tobacco blu e-cigarette 2014 (pictured) Puritane e-cigarette 2014 Puritane e-cigarettes are available Jai e-cigarette 2015 exclusively at U.K. pharmacy chain Boots against the advice of the Royal Pharmaceutical Society. FDA = U.S. Food and Drug Administration; NRT = nicotine replacement therapy; PMI = Philip Morris International. * Image courtesy of Syqe Medical. † Not yet released. 2 Annals of Internal Medicine Annals.org Downloaded From: http://annals.org/pdfaccess.ashx?url=/data/journals/aim/0/ by a Univ of California San Francisco User on 07/17/2017 Pharmaceuticalization of the Tobacco Industry IDEAS AND OPINIONS the paradigm of tobacco industry pharmaceuticaliza- Disclaimer: The content is solely the responsibility of the au- tion (8). The U.K. Medicines and Healthcare products thors and does not necessarily represent the official views of Regulatory Agency announced in 2013 that all nicotine- the National Institutes of Health. containing products, including e-cigarettes, would be eligible for medical licenses. In 2014, BAT subsidiary Grant Support: By the National Cancer Institute at the National Nicovations was the first company to receive licenses Institutes of Health (grants R01-CA141661 and R01-87472). for its nicotine inhaler Voke and its e-cigarette e-Voke, Disclosures: Disclosures can be viewed at www.acponline which would allow physicians in the United Kingdom to .org/authors/icmje/ConflictOfInterestForms.do?msNum=M17 prescribe these products. -0759. Requests for Single Reprints: Pamela M. Ling, MD, MPH, 530 Parnassus Avenue, Suite 366, University of California, San IMPLICATIONS FOR HEALTH Francisco, San Francisco, CA 94143-1390; e-mail, pamela.ling The health consequences of pharmaceuticalization @ucsf.edu. are 3-fold. First, it contributes to the dilution and con- fusion surrounding the real process and trust implied in Current author addresses and author contributions are avail- the
Recommended publications
  • SA FUNDS INVESTMENT TRUST Form N-Q Filed 2016-11-23
    SECURITIES AND EXCHANGE COMMISSION FORM N-Q Quarterly schedule of portfolio holdings of registered management investment company filed on Form N-Q Filing Date: 2016-11-23 | Period of Report: 2016-09-30 SEC Accession No. 0001206774-16-007593 (HTML Version on secdatabase.com) FILER SA FUNDS INVESTMENT TRUST Mailing Address Business Address 10 ALMADEN BLVD, 15TH 10 ALMADEN BLVD, 15TH CIK:1075065| IRS No.: 770216379 | State of Incorp.:DE | Fiscal Year End: 0630 FLOOR FLOOR Type: N-Q | Act: 40 | File No.: 811-09195 | Film No.: 162016544 SAN JOSE CA 95113 SAN JOSE CA 95113 (800) 366-7266 Copyright © 2016 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number: 811-09195 SA FUNDS - INVESTMENT TRUST (Exact name of registrant as specified in charter) 10 Almaden Blvd., 15th Floor, San Jose, CA 95113 (Address of principal executive offices) (Zip Code) Deborah Djeu Chief Compliance Officer SA Funds - Investment Trust 10 Almaden Blvd., 15th Floor, San Jose, CA 95113 (Name and Address of Agent for Service) Copies to: Brian F. Link Mark D. Perlow, Esq. Vice President and Managing Counsel Counsel to the Trust State Street Bank and Trust Company Dechert LLP 100 Summer Street One Bush Street, Suite 1600 7th Floor, Mailstop SUM 0703 San Francisco, CA 94104-4446 Boston, MA 02111 Registrants telephone number, including area code: (800) 366-7266 Date of fiscal year end: June 30 Date of reporting period: September 30, 2016 Copyright © 2013 www.secdatabase.com.
    [Show full text]
  • Inside This Issue
    The Rodequoit Irondequoit High School's Student Newspaper March-April 2019 - Since 1921 - No. 3 What goes into Irondequoit’s 96% graduation rate GRADUATION RATES OF SCHOOLS/DISTRICTS IN MONROE COUNTY PITTSFORD SUTHERLAND HS FAIRPORT CSD 98% 92% PITTSFORD MENDON HS RUSH HENRIETTA CSD 98% 90% WEST IRONDEQUIT CSD GREECE CSD 96% 88% PENFIELD CSD WHEATLAND-CHILI CSD 96% 87% WEBSTER CSD EAST IRONDEQUOIT CSD 95% 86% HILTON CSD GATES-CHILI CSD 92% 79% BRIGHTONCSD ROCHESTER CITY SD IHS FRONT LAWN | Diploma IHS graduating seniors will recive on June 16th, 2019. Photo Courtesy of Cameron Goebert. 92% 54% By Cameron Goebert resented by a mathematical data lege essays have been polished to almost Mr. Douglas Lauf. “As you can imag- bring them to class, they are getting News Editor point, unlike the graduation rate. perfection, grades have been sent, and ine a high percentage of students just written up and consequences, and then Simply put, there is no college letters of acceptance (or denial) go along the four year path, they have there are some cases where we keep West Irondequoit’s graduation rate, one thing that makes Irondequoit are pouring in giving Irondequoit senior some normal bumps along the way, dragging people to the finishing line.” according to the New York State Edu- a great place to go to school, as in- class the nostalgia of making the deci- but nothing very out of the ordinary. According to Mr. Armstrong, there cation Department, is 96%. Irondequoit dicated by the some IHS students. sion that can alter the rest of their life.
    [Show full text]
  • The Art of Printing and the Culture of the Art Periodical in Late Imperial Russia (1898-1917)
    University of Alberta The Art of Printing and the Culture of the Art Periodical in Late Imperial Russia (1898-1917) by Hanna Chuchvaha A thesis submitted to the Faculty of Graduate Studies and Research in partial fulfillment of the requirements for the degree of Doctor of Philosophy Modern Languages and Cultural Studies Art and Design ©Hanna Chuchvaha Fall 2012 Edmonton, Alberta Permission is hereby granted to the University of Alberta Libraries to reproduce single copies of this thesis and to lend or sell such copies for private, scholarly or scientific research purposes only. Where the thesis is converted to, or otherwise made available in digital form, the University of Alberta will advise potential users of the thesis of these terms. The author reserves all other publication and other rights in association with the copyright in the thesis and, except as herein before provided, neither the thesis nor any substantial portion thereof may be printed or otherwise reproduced in any material form whatsoever without the author's prior written permission. To my father, Anatolii Sviridenok, a devoted Academician for 50 years ABSTRACT This interdisciplinary dissertation explores the World of Art (Mir Iskusstva, 1899- 1904), The Golden Fleece (Zolotoe runo, 1906-1909) and Apollo (Apollon, 1909- 1917), three art periodicals that became symbols of the print revival and Europeanization in late Imperial Russia. Preoccupied with high quality art reproduction and graphic design, these journals were conceived and executed as art objects and examples of fine book craftsmanship, concerned with the physical form and appearance of the periodical as such. Their publication advanced Russian book art and stimulated the development of graphic design, giving it a status comparable to that of painting or sculpture.
    [Show full text]
  • Open PDF File, 62.19 KB, for Memorandum
    PERAC MEMO #45/2012 pe rac commonw ealth of massachusetts | public employee retirement administration commission DOMENIC J. F. RUSSO, Chairman JOSEPH E. CONNARTON, Executive Director Auditor SUZANNE M. BUMP | ALAN MACDONALD | JAMES M. MACHADO | DONALD R. MARQUIS | ROBERT B. McCARTHY | GREGORY R. MENNIS M E M O R A N D U M TO: All Retirement Boards FROM: Thomas J. O’Donnell, Compliance Officer RE: Tobacco Company List DATE: August 2, 2012 On October 22, 1997 PERAC Memo #37/1997 informed you of the adoption of Chapter 119 of the Acts of 1997. That statute prohibits retirement systems from making any new investments in stocks, securities, or other obligations of any company which derives more than 15% of its revenue from the sale of tobacco products. On December 18, 1997 PERAC sent Memo #48 regarding the implementation of Chapter 119 and the first Tobacco Company List. Enclosed please find a Tobacco Company List dated July 2012. This list replaces any other Tobacco Company List previously sent to your board and is effective upon receipt by the retirement boards. Most of these companies appeared on previous lists and such investments were prohibited from the time the companies first appeared on the list. Please forward a copy to your investment advisors or inform them that this list is available on the PERAC Home Page under the Investment Unit’s 2012 Memo Index. In communicating with your investment advisors, please inform them that the Tobacco Company List is only for their Massachusetts public fund clients and that any other use of the list is strictly prohibited.
    [Show full text]
  • Equity Research
    August 7, 2012 Equity Research Wake Up Call For Big Tobacco--E-Cigs Are The Wave Of The Future • Could E-Cig Consumption Surpass Traditional Cigs in 10 Years? While difficult to predict, we think it is possible that consumption of e-cigarettes could Tobacco outpace traditional cigarettes over the next decade, especially given the rapid pace of innovation and consumers' demand for reduced harm products. As e-cigs continue to evolve and offer an experience that is increasingly similar to smoking a traditional cigarette, we think consumer acceptance and conversion will accelerate. Furthermore, we can't help but continue to draw a parallel between e- cigs and the energy drink category; we think e-cigs are to tobacco what energy drinks are to the beverage industry. Therefore, we think big tobacco needs to wake up and recognize the potential opportunity of the e-cigarette category and not make the mistakes of the large beverage companies that overlooked the potential of the energy drink category when it was in its nascent stage. Bottom line--we believe e-cigs are more than just a fad and most of our industry trade contacts agree. Considering both LO and RAI have dipped their toes in the e-cig waters, the next move is MO's and we expect it to be big. • NJOY's Innovative New King E-Cig and Packaging Could Be A Game Changer - We recently had the opportunity to meet with NJOY's senior management team, many of whom were successful tobacco industry executives prior to joining NJOY. One of the leading e-cigarette brands, NJOY has approximately 39% retail market share and distribution in nearly 30,000 retail outlets.
    [Show full text]
  • ISIN Security Name CA67088Q1063 01 COMMUNIQUE LABORATORY
    ISIN Security Name CA67088Q1063 01 COMMUNIQUE LABORATORY INC CA6779091033 0915988 BC LTD US6823472088 141 CAPITAL INC CA6830831096 1608557 ONTARIO INC US45244M1027 1MAGE SOFTWARE INC US68276T1007 1PM INDUSTRIES INC US31943X1028 1ST CENTURY BANCSHARES INC US32114B3096 1ST NRG CORP US33612Y1064 1ST PRESTIGE WEALTH MANAGEME US90132N1019 24/7 KID DOC INC US90131T2087 24HOLDINGS INC US88430R1059 30DC INC CA88575T2056 360NETWORKS INC (DELISTED) KYG884931042 361 DEGREES INTERNATIONAL CA88429G1028 37 CAPITAL INC US88580K1088 3D EYE SOLUTIONS INC US88555Y1091 3D PIONEER SYSTEMS INC US88579F2011 3DICON CORP US8857931096 3DSHOPPING.COM US88556A1007 3DX INDUSTRIES INC US88579C1099 3PEA INTERNATIONAL INC US88580V1044 3POWER ENERGY GROUP CA88580X1006 3TL TECHNOLOGIES CORP US35104N1000 420 PROPERTY MANAGEMENT INC US3510381045 4CABLE TV INTERNATIONAL INC US3508412018 4-D NEUROIMAGING US35104T1079 4LICENSING CORP US35104P1057 4NET SOFTWARE INC US33833F1003 5BARZ INTERNATIONAL INC US83002F1003 6D GLOBAL TECHNOLOGIES INC US81785L3024 727 COMMUNICATIONS INC US28251Q1094 8000 INC CA6544061071 92 RESOURCES CORP CA0000213037 A & A INTL INDS INC US00089Y1091 A CLASSIFIED AD INC US00089L1070 A CLEAN SLATE INC US0010751008 A G AUTOMOTIVE WAREHOUSE-A BS0014301076 A.I.S. RESOURCES LTD US00252R3030 AAMAXAN TRANSPORT GROUP INC US00037T1034 AAP INC CA0029191081 ABACAN RESOURCE CORP CA0025552096 ABACUS MINING & EXPLORATION US00258J1079 ABAKAN INC CA00258G1037 ABATTIS BIOCEUTICALS CORP CA00258L1022 ABBA MEDIX GROUP INC US00287T3086 ABBY INC US00287V1052 ABCO ENERGY INC
    [Show full text]
  • From Tobacco to Something Better Our Approach to Next Generation Products
    FROM TOBACCO TO SOMETHING BETTER OUR APPROACH TO NEXT GENERATION PRODUCTS www.imperialbrandsplc.com WELCOME Imperial Brands is a dynamic This report AN EXCITING FUTURE 03 fast moving consumer goods provides an OUR NGP TIMELINE 05 company borne out of a strong overview of tobacco heritage. our approach THE PUBLIC HEALTH OPPORTUNITY 06 to NGP and We have continually evolved THE RISK SPECTRUM 07 charts the to embrace changing market dynamics and develop new progress we’re PRODUCTS EXPLAINED: VAPOUR 09 consumer experiences. making in transitioning VAPOUR PRODUCTS TODAY 10 We are currently witnessing the biggest consumers consumer shift in our history, with millions VAPOUR RESEARCH AND DEVELOPMENT 11 of smokers around the world choosing to from tobacco switch to less harmful Next Generation to something THE EVOLVING VAPOUR DEBATE 13 Products (NGP). better. GETTING REGULATION RIGHT 14 As a result, we are increasingly focusing our attention on developing and expanding PRODUCTS EXPLAINED: our NGP portfolio. We want to reduce the SNUS AND HEATED TOBACCO 15 health impact of tobacco by encouraging CONTENTS smokers to switch to products with lower CREATING SOMETHING BETTER health risks. FOR THE WORLD’S SMOKERS 16 AN EXCITING FUTURE We have a thriving Along the way we have built our knowledge and expertise, and developed and expanding Next an enduring relationship with the original Generation Products inventor of the e-cigarette, Hon Lik. Our NGP subsidiary business Fontem (NGP) business that’s Ventures acquired Mr Hon’s global patent committed to creating portfolio for vapour technologies in 2013 and welcomed him to the business as the something better for head of our Research and Development the world’s smokers.
    [Show full text]
  • View / Open Final Thesis-Mcgonegal
    “CAN I RIP YOUR JUUL?” THE EVOLUTION OF THE ELECTRONIC CIGARETTE INDUSTRY, ITS PRODUCTS, AND MARKETING APPEALS by MATTHEW McGONEGAL A THESIS Presented to the School of Journalism and Communication and the Robert D. Clark Honors College in partial fulfillment of the requirements for the degree of Bachelor of Science November 2019 An Abstract of the Thesis of Matthew McGonegal for the degree of Bachelor of Science in the School of Journalism and Communication to be taken November 2019 Title: “Can I Rip Your JUUL?” The Evolution of the Electronic Cigarette Industry, its Products, and Marketing Appeals Approved: Autumn Shafer, Ph.D. Primary Thesis Advisor In recent years, public attitudes toward electronic cigarettes have undergone a fascinating transformation. What began as an underdeveloped, niche market for adult smokers looking to quit evolved into a hobbyist subculture as vaporizer technologies advanced and marketing appeals diverted from smoking cessation messages. Perceptions of the e-cigarette industry soon transformed again with the emergence of a new competitor: JUUL Labs. Since JUUL’s introduction to the market in 2015, it has grown to dominate the space in both market share and cultural relevance. Although e-cigarette makers have long promoted their products as a smoking cessation method, JUUL’s popularity with underage users has cast doubt over the public health benefits of e-cigarettes. This thesis explores the evolution of the e-cigarette industry’s products, marketing appeals, and audiences, as well as the product and marketing factors contributing to JUUL’s popularity with nicotine-naïve users. ii Acknowledgements First and foremost, I want to thank my primary thesis advisor, Assistant Professor Autumn Shafer, for her guidance and support through this strenuous but rewarding process.
    [Show full text]
  • Dragonite International Limited 叁龍國際有限公司 (Incorporated in the Cayman Islands with Limited Liability) (Stock Code: 329)
    Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. This announcement appears for information purposes only and does not constitute an invitation or offer to acquire, purchase or subscribe for securities in the Company. Dragonite International Limited 叁龍國際有限公司 (Incorporated in the Cayman Islands with limited liability) (Stock code: 329) (1) PROPOSED CAPITAL REORGANISATION; (2) CHANGE IN BOARD LOT SIZE; (3) PROPOSED RIGHTS ISSUE IN THE PROPORTION OF TWO RIGHTS SHARES FOR EVERY ADJUSTED SHARE HELD ON THE RECORD DATE AT HK$0.1 PER RIGHTS SHARE; AND (4) RESUMPTION OF TRADING (1) PROPOSED CAPITAL REORGANISATION The Board proposes to put forward to the Shareholders a proposal to effect the Capital Reorganisation which will comprise of:- (i) the proposed Share Consolidation whereby every 5 issued Shares of par value of HK$0.10 each will be consolidated into one Consolidated Share of par value of HK$0.50 each; (ii) immediately following the Share Consolidation, the nominal value of each issued Consolidated Share will be reduced from par value of HK$0.50 each to par value of HK$0.01 each by cancellation of the paid-up capital to the extent of HK$0.49 on each issued Consolidated Share and the total number of Consolidated Shares in the
    [Show full text]
  • Equity Research
    May 17, 2012 Equity Research Tobacco Talk Survey--E-Cigarettes A Promising Opportunity • Tobacco Talk Survey Says … E-Cigs Are More than Just a Fad - We recently conducted a survey of tobacco retailers and wholesalers, representing Tobacco around 30,000 retail locations, to learn more about e-cigarettes and take the pulse of how the trade views this opportunity. As we have highlighted in our past "Tobacco Talk" surveys, the trade has generally been pretty positive on e- cigarettes and this trend has continued. The majority of our respondents indicated that they believe e-cigarettes are not just a passing trend but that they are here to stay, with several noting LO's purchase of blu ecigs lending credibility and legitimacy to the entire category. We continue to believe LO's e-cig acquisition is very positive and expect RAI to be the next mover into this growing category most likely organically, but we wouldn't rule out a potential acquisition. • "Vape" 'Em If You Got 'Em - E-Cigs Fast Facts - 1.) The industry size is thought to be ~$300 million in revenue currently at retail (according to LO CEO Kessler at a recent conference), and it is estimated that this could grow to $1 billion in the next few years with attractive margins (gross margins likely comparable to cigarettes); 2.) There are 2.5 million e-cigarette users according to industry group Tobacco Vapor Electronic Cigarette Association; 3.) Top brands include NJoy, blu (which LO believes has around 25% share) and 21st Century; the market appears to be fragmented with dozens of brands in the marketplace, which we believe will eventually consolidate; 4.) e-cigarettes fall under the purview of the FDA as they are regulated as "tobacco products," although regulation is currently very light, we expect regulation of this category to increase; and 5.) there are no federal or state excise taxes imposed on e- cigarettes (yet), helping to make them generally cheaper than conventional cigs.
    [Show full text]
  • KT 15-8-2016.Qxp Layout 1
    SUBSCRIPTION MONDAY, AUGUST 15, 2016 THULQADA 12, 1437 AH www.kuwaittimes.net Palestinian Farah defends wedding season 10,000m gold, can hit the Phelps signs off wallet40 hard with19 23 golds Champion Deehani arrives Min 32º home to hero’s welcome Max 48º High Tide 08:29 & 22:59 Shooter dedicates gold medal to Kuwait’s leaders, people Low Tide 02:33 & 16:33 40 PAGES NO: 16963 150 FILS By Meshaal Al-Enezi Mustache! Rashidi KUWAIT: Kuwaiti champion shooter Fehaid Al-Deehani arrived in Kuwait yesterday to a hero’s welcome, with many wins fans’ hearts officials and a large crowd greeting him enthusiastically at RIO DE JANEIRO: From the beginning of the men’s the airport’s VIP lounge. Deehani won the gold medal in skeet semifinal on Saturday, there was something the double trap event of the Rio 2016 Olympics on about Abdullah Al-Rashidi that grabbed the Brazilian Wednesday. fans. Maybe it was his age, the oldest of the competi- “This achievement is for the sake of Kuwait and we were tors at 52. Maybe it was the fact that the Kuwaiti was able to get the world on our side,” said Deehani, dedicating competing under the Olympic flag, his country hav- his win to HH the Amir, HH the Crown Prince, HH the Prime Minister and the Kuwait people, seeing how happy they ing been banned from com- are over his victory. He said the medal is the best answer to petition by the International those who kept the Kuwait flag away from the award cere- Olympic Committee (IOC).
    [Show full text]
  • E-Cigarettes: Risks and Benefits
    E-Cigarettes: Risks and Benefits Anne Joseph, MD, MPH University of Minnesota Department of Medicine [email protected] Disclosure Information • No financial relationships to disclose What’s Coming • History • What is an e-cigarette? • Use and uptake • Vapor and second-hand vapor analyses • Health effects • Potential for harm reduction – Cessation aid? – Smokers switching/dual use? • Product regulation • Summary pros and cons History of E-Cigarette Development • RJR Tobacco – Premiere cigarette 1980s – Eclipse cigarette 1990s • “Non-combustible cigarettes” delivered low levels of nicotine that evolved into the nicotine inhaler 1990s • Chinese pharmacist Hon Lik developed the 1st marketable e-cigarette 2004 • Patented by the RUYAN Group (now Dragonite International), Beijing, China in 2004 • First appeared in the U.S. in 2007 • FDA declined to regulate until April 24, 2014 Tobacco Industry In the Market • Lorillard . Acquired blu e-cigs in April 2012 for $135M • Reynolds American . Vuse supposedly has technology that improves the vaping experience, unique digital design features and will be manufactured in the U.S. • Altria Group (previously Philip Morris) . Launched MarkTen this year • NJOY (privately held) . One of the first retail entrants to the e-cig market; personnel includes several ex- Altria execs. $1.9B Market Share Projections 30 Trad cig revenue ($B) E-cig revenue ($B) 25 20 revenue ($B) revenue 15 rojected p 10 5 0 2013 2015 2017 2019 2021 2023 Herzog B. Wells Fargo 2013 What is an e-cigarette? 3 Major Components • Battery •
    [Show full text]