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We have long contended that rolling papers often sell based on the exterior design of the packaging as much as for what is inside

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Tobacco stocks face regulatory uncertainty with GST 2.0 implementation from February 1, 2026 and excise hikes, declining consumption due to health awareness, ethical concerns limiting ESG investor participation, litigation risks, illicit trade competition exacerbated by sharp price increases, advertising restrictions, and potential volume decline of 6-8% as per CRISIL forecast

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