Over the years, tobacco companies have been a mainstay for high returns among investors. Leading companies such as Altria Group, Philip Morris International (PMI), and British American Tobacco (BAT) have historically delivered significant shareholder value. However, a recent trend has emerged, with the market underperforming. PMI lost almost 10% in the last year, and BAT experienced a nearly 25% decline, starkly contrasting the broader market’s rise to new heights in 2023. Understanding the HeadwindsUnderperforming the market can be primarily attributed to various factors impacting the tobacco…