Whale Watcher

Jun 30, 2026 · bearish

(https://www.cnbc.com/2026/06/30/fda-zyn-philip-morris-nicotine-pouches-cigarettes-trump.html), which looks like a win for $PM. But here's the trap: nicotine pouches require smaller, more labor-intensive manufacturing than cigarettes — different supply chain, more SKUs, tighter margins.

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