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Illicit trade (15% market) fuels fakes, but brand loyalty among smokers (60% retention) sustains legal brands

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"And British American Tobacco, which already owns 42 percent of Reynolds, will buy additional shares to maintain that same level of ownership in the combined company and help finance the deal." The deal, the Times notes, will give Reynolds a share in the menthol and e-cigarette markets

The judge ordered the FDA to commence the statutorily required review by May 12, 2020, which was then extended to September 9, 2020, due to the coronavirus pandemic