Tobacco Stocks Drop as U.S. May Curb Nicotine in Cigarettes
- Altria, British American Tobacco lead declines after report
- Biden, FDA may be planning to make cigarettes non-addictive
Photographer: Jason Alden/Bloomberg
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Tobacco stocks plunged after a report said the U.S. government may only allow cigarettes with nicotine levels so low they’d no longer be addictive, and may also move to ban menthol.
The U.S. Food and Drug Administration is expected to rule on menthol cigarettes by the end of the month under pressure from a deadline in a lawsuit. The agency said years ago it would consider lowering nicotine levels in cigarettes. The Wall Street Journal reported Monday that the Biden administration agency is considering the ban, along with requirements to lower nicotine content, citing people familiar with the matter.