Cigarette smoking is in a secular decline but the tobacco industry remains extremely profitable. And as manufacturers develop new reduced-risk products to help wean smokers off cigarettes, new avenues of growth open. With the tobacco industry going through a major overhaul, investors are looking for the next top tobacco stock. Combustible cigarettes are still the industry’s mainstay. Where tobacco products represent a near-$1 trillion opportunity in 2024, cigarettes hold the largest share at$854 billion, a ...