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Executives at World Confections declined to comment

"They didn't say, 'How do we change marketing rules to give an advantage to low-risk products?' They didn't say, 'How do we change tax policy?'They didn't say, 'Let's run massive campaigns to inform people.' They just made one alternative available, and here we are seven years later." Japan's massive reduction in cigarette sales is less the result of intentional policy than it is a bottom-up response from tobacco consumers making their own decisions to try a safer alternative

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Long-term investors: 5-10 year horizon to ride out regulatory volatility and benefit from compounding dividends