• U.S. Shelves Plan to Sharply Cut Nicotine in Cigarettes
    Bloomberg

    U.S. Shelves Plan to Sharply Cut Nicotine in Cigarettes

    (Bloomberg) -- U.S. regulators are hitting the brakes on plans to force tobacco companies to drastically reduce addictive nicotine in cigarettes, retreating on an ambitious public-health initiative that comes amid increasing worry about nicotine use among young people.The Department of Health and Human Services has dropped a proposal unveiled two years ago to cut the level of nicotine in cigarettes to non-addictive levels, according to a regulatory document published on Wednesday.Abandoning the plan, which almost certainly would have meant a sharp reduction in tobacco sales, would be a major victory for the tobacco industry. The move also comes at a time when public debate is focused on the potential for e-cigarettes to create a new generation of nicotine addicts.Representatives for the Food and Drug Administration and the Department of Health and Human Services didn’t immediately respond to requests for comment. Shares of Altria Group Inc., the maker of Marlboro cigarettes, closed up 3.2% in New York. Philip Morris International Inc. was little-changed.In a notice posted on a government website earlier this year as part of the Food and Drug Administration’s near-term regulatory goals, the agency said that the policy “would have significant public health benefits for youth, young adults, and adults, as well as potentially vast economic benefits.”That goal, once included as part of the “unified agenda” of regulations the government is working on, is no longer listed on the website, which was updated Wednesday as part of a semiannual review.FDA spokesman Michael Felberbaum said that the removal of the plans “does not mean the agency does not consider them a priority or will not continue to work on their development.”“The agency has focused on regulations that reflect its most immediate priorities,” Felberbaum said in an email. “FDA continues to gather evidence and data on an ongoing basis regarding all tobacco products.”Ambitious PlanIn 2017, then-FDA Commissioner Scott Gottlieb said he wanted to reduce nicotine levels in cigarettes and other burnt tobacco to near-zero. Almost half a million people in the U.S. die each year from tobacco-related causes, according to the Centers for Disease Control and Prevention, and the move was hailed at the time as a potentially monumental public-health decision. One estimate published in the New England Journal of Medicine projected it could save 2.8 million lives by 2060, and millions more in later decades.“If the FDA abandons its plan to limit nicotine levels in cigarettes, it will miss an unprecedented opportunity to improve health and save lives,“ said Matthew Myers, president of the advocacy group Campaign for Tobacco-Free Kids.The proposal also shocked Wall Street, sending stocks of tobacco giants including Altria plunging as investors reconsidered whether people would bother smoking a cigarette without the addictive chemical. The move was paired with a decision -- later reversed -- to give e-cigarette makers extra time to keep their products on the market without regulation.Gottlieb left the FDA before the nicotine policy could be seen through. Altria later bought a $12.8 billion stake in e-cigarette market leader Juul Labs Inc., a hedge against declining smoking rates.“The effort to lower nicotine in cigarettes is a central part of our effort to reduce death and disease from tobacco,” Gottlieb said in response to a request for comment from Bloomberg. “It’s critical we all maintain our commitment to these public health goals.”Another former FDA commissioner, Robert Califf, said on Twitter that the change marked “a sad day for future grandchildren. They will have fewer grandparents because of this.”Altria spokesman Steven Callahan declined to comment.The update to the U.S. regulatory agenda was published on the same morning that a Senate panel was considering the nomination of Texas oncologist Stephen Hahn to be the new head of the FDA. At that hearing, Hahn was peppered with questions about the agency’s approach to the e-cigarette industry. This year, government data has shown a surge in use of e-cigarettes by teens, and thousands of Americans have suffered serious lung injuries after vaping.The Trump administration had vowed tough curbs on flavored vaping products in September. Since then, however, the president has signaled any effort to clear the market of flavored products that appeal to young people is on hold.The FDA’s oversight of the tobacco industry was the product of a pitched political battle that began in the 1990s and culminated in a 2009 law giving the agency oversight of cigarettes and other smokeless products.Recently, some administration officials have questioned the FDA’s role in regulating tobacco. Joe Grogan, the head of the White House Domestic Policy Council, earlier this month called the FDA’s regulation of tobacco “a huge waste of time” and said the agency should focus on pharmaceuticals.(Updates with estimate on potential lives saved in ninth paragraph)\--With assistance from Tiffany Kary.To contact the reporter on this story: Drew Armstrong in New York at darmstrong17@bloomberg.netTo contact the editors responsible for this story: Drew Armstrong at darmstrong17@bloomberg.net, Timothy AnnettFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • The Canadian Press

    Most actively traded companies on the TSX

    TORONTO — Some of the most active companies traded Wednesday on the Toronto Stock Exchange:Toronto Stock Exchange (17,005.82, down 5.58 points.)Aurora Cannabis Inc. (TSX:ACB). Health care. Up 39 cents, or 12.54 per cent, to $3.50 on 28.4 million shares.Cenovus Energy Inc. (TSX:CVE). Energy. Up five cents, or 0.42 per cent, to $11.86 on 8.3 million shares.Encana Corp. (TSX:ECA). Energy. Up 16 cents, or 3.04 per cent, to $5.42 on 8 million shares.The Green Organic Dutchman Holdings. (TSX:TGOD). Health care. Up 16 cents, or 21.92 per cent, to 89 cents on 6.9 million shares.Canopy Growth Corp. (TSX:WEED). Health care. Up $3.18, or 15.66 per cent, to $23.49 on 6.7 million shares.Aphria Inc. (TSX:APHA). Health care. Up 31 cents, or 5.46 per cent, to $5.99 on 6.1 million shares. Companies in the news:Canadian National Railway Co. (TSX:CNR). Down $2.20 or 1.8 per cent to $120.45. A chronic shortage of truck drivers across Canada is compounding concerns about the impact of a strike at Canadian National Railway Co., says the Forest Products Association of Canada. The forest industry supplies about 10 per cent of the tonnage transported on Canada's railway system, CEO Derek Nighbor said, adding his industry is already reeling from a downturn that has resulted in several mill shutdowns and hundreds of layoffs in British Columbia. The strike by roughly 3,200 Teamsters Canada Rail Conference members began after the union and company failed to reach a deal by a Monday midnight deadline.Metro Inc. (TSX:MRU). Up 74 cents or 1.3 per cent to $55.98. Metro Inc. plans to roughly double the number stores with self checkouts during its 2020 financial year as the industry contends with a tight labour market. CEO Eric La Fleche said the company is managing through the problem so far but he noted at a certain point, if staff don't show up or stores can't find people to fill vacancies, store conditions start to reflect that reality. More than 100 Metro stores already have self checkouts installed and the company plans to add the technology to another 100 locations this fiscal year, he said.Encana Corp. (TSX:ECA). — The CEO of Encana Corp. is firing back after Canadian investment manager Letko, Brosseau & Associates Inc. said it would vote its four per cent stake against the Calgary-based company's planned headquarters move to Denver. Doug Suttles, a Texan who lives in Denver, says the company is "disappointed" by the investor's stance against what he says is a "crystal clear" rationale to expose the company to growing pools of investment from U.S. index funds and passively managed accounts. He says he disagrees with Letko Brosseau's assertion that the move means investors holding Encana through indexed Canadian funds or with Canadian-only investment policies would have to sell shares, thus compounding recent share price deterioration.This report by The Canadian Press was first published Nov. 20, 2019. The Canadian Press

  • 2 Reasons to Dump Aurora Cannabis (TSX:ACB) Stock Today
    The Motley Fool

    2 Reasons to Dump Aurora Cannabis (TSX:ACB) Stock Today

    Aurora Cannabis (TSX:ACB)(NYSE:ACB) stock faces a lack of resources, just as the market faces oversupply and intense competition.

  • Canopy Growth (TSX:WEED) Stock Surges: Should You Buy the Bounce?
    The Motley Fool

    Canopy Growth (TSX:WEED) Stock Surges: Should You Buy the Bounce?

    Canopy Growth (TSX:WEED)(NYSE:CGC) stock is on the rebound. Is this the right time to buy?

  • Can Bill Hopes Relieve Earnings-Induced Pain in Pot ETFs?
    Zacks

    Can Bill Hopes Relieve Earnings-Induced Pain in Pot ETFs?

    A wave of disappointing earnings caused a bloodbath in marijuana ETFs last week. However, talks of an end to the federal embargo on marijuana could turn this segment around.

  • Baystreet

    TSX lower in morning trade

    Stocks on Bay Street were lower on Wednesday morning, as sentiment turned negative on concerns over ...

  • The Zacks Analyst Blog Highlights: JPMorgan Chase, Altria, ConocoPhillips, The Travelers Companies and Twitter
    Zacks

    The Zacks Analyst Blog Highlights: JPMorgan Chase, Altria, ConocoPhillips, The Travelers Companies and Twitter

    The Zacks Analyst Blog Highlights: JPMorgan Chase, Altria, ConocoPhillips, The Travelers Companies and Twitter

  • Improve Your Retirement Income with These 3 Top-Ranked Dividend Stocks - November 20, 2019
    Zacks

    Improve Your Retirement Income with These 3 Top-Ranked Dividend Stocks - November 20, 2019

    The traditional approaches to retirement planning are longer covering all expenses in nest egg years. So what can retirees do? Thankfully, there are alternative investments that provide steady, higher-rate income streams to replace dwindling bond yields.

  • Myovant Up on Successful Completion of Prostate Cancer Study
    Zacks

    Myovant Up on Successful Completion of Prostate Cancer Study

    Myovant's (MYOV) phase III study evaluating lead pipeline candidate, relugolix, in patients with advanced prostate cancer meets primary endpoint.

  • A Look at Rising Inventory Levels for Top Cannabis Players
    The Motley Fool

    A Look at Rising Inventory Levels for Top Cannabis Players

    Top cannabis players have lost 75% in market value over the last year. Here's why investors can expect weakness to continue in the short-term.

  • Yes, You Can Time the Market. Find out How - November 20, 2019
    Zacks

    Yes, You Can Time the Market. Find out How - November 20, 2019

    Is the ability to time the markets more of a data-driven science or a 'gut - feeling' art?

  • Cronos (CRON) Catches Eye: Stock Jumps 9.1%
    Zacks

    Cronos (CRON) Catches Eye: Stock Jumps 9.1%

    Cronos (CRON) saw a big move last session, as its shares jumped more than 9% on the day, amid huge volumes.

  • Investing.com

    StockBeat: Canopy Growth Back on Buy List, BofA Says

    Investing.com – Canopy Growth has plunged in recent months to levels that finally make it worth buying, Bank of America said on Wednesday, sending shares of the Canadian cannabis producer sharply higher.

  • 5 Corporate Giants That Popped After Latest Earnings Release
    Zacks

    5 Corporate Giants That Popped After Latest Earnings Release

    A few corporate behemoths that reported their last earnings results less than five weeks ago, popped after releasing earnings results.

  • Altria Rises 4%
    Investing.com

    Altria Rises 4%

    Investing.com - Altria (NYSE:MO) rose by 4.03% to trade at $48.82 by 11:45 (16:45 GMT) on Wednesday on the NYSE exchange.

  • Investing.com

    Stocks - Target, Lowe’s Rise Premarket; Urban Outfitters Falls

    Investing.com - Stocks in focus in premarket trading on Wednesday:

  • Top Research Reports for JPMorgan, Altria Group & ConocoPhillips
    Zacks

    Top Research Reports for JPMorgan, Altria Group & ConocoPhillips

    Top Research Reports for JPMorgan, Altria Group & ConocoPhillips

  • Morningstar

    Canopy Has Global Potential Amid Foggy U.S. Market

    On Nov. 14,  Canopy CGC reported second-quarter results highlighted by product mix challenges due to an unexpected and dramatic hit to revenue and profits. After overproducing oil and softgel for the Canadian recreational market, the company had to accept returns and price reductions that led to a CAD 33 million restructuring charge. Kilogram equivalents sold increased 397% year over year to 10,913 kilograms, which the Canadian recreational market and international medical market boosted.

  • Pfizer Gets FDA Approval for Biosimilar of AbbVie's Humira
    Zacks

    Pfizer Gets FDA Approval for Biosimilar of AbbVie's Humira

    The approval of Humira biosimilar is the fourth U.S. approval of a biosimilar product for Pfizer (PFE) in 2019.

  • How Many Canopy Growth Corporation (TSE:WEED) Shares Do Institutions Own?
    Simply Wall St.

    How Many Canopy Growth Corporation (TSE:WEED) Shares Do Institutions Own?

    If you want to know who really controls Canopy Growth Corporation (TSE:WEED), then you'll have to look at the makeup...

  • Altria Falls 3%
    Investing.com

    Altria Falls 3%

    Investing.com - Altria (NYSE:MO) fell by 3.02% to trade at $46.88 by 15:05 (20:05 GMT) on Tuesday on the NYSE exchange.

  • Baystreet

    Stocks in play: The Green Organic Dutchman Holdings Ltd.

    Has received orders from Alberta, Manitoba and Nova Scotia to be shipped this month, significantly expanding ...

  • Will Cronos (TSX:CRON) Stock Move Higher After a 25% Decline Last Week?
    The Motley Fool

    Will Cronos (TSX:CRON) Stock Move Higher After a 25% Decline Last Week?

    What next for Cronos stock investors after a 74% decline since March 2019?