Senate Majority Leader Mitch McConnell plans to introduce legislation that would raise the minimum age to buy tobacco from 18 to 21. The news is sending related stocks sliding:
The bill covers all tobacco products, including vaping devices, that are growing in popularity. A similar measure has bipartisan support in the House.
More than a dozen states have already adopted an over-21 rule for tobacco purchases. So a nation-wide law could make it easier for corporations to navigate regulations.
Despite the ding in tobacco-related stocks — companies reached by CNN Business said they fully supported the federal bill.
Altria CEO Howard Willard's statement:
"Altria strongly supports raising the legal age of purchase for all tobacco products, including e-vapor, to 21. This is the most effective action to reverse rising underage e- vapor usage rates."
Reynolds American Inc., the nation's second-largest tobacco company, said in a statement:
"We support Senator McConnell’s efforts to raise the national minimum purchase age to 21 as an effective means of keeping tobacco products out of middle and high school."
CNN affiliate WLKY in Kentucky, McConnell's home state, reported that the bill would be introduced in May.
from CNN.com - RSS Channel https://cnn.it/2VRg5dhBagikan Berita Ini
0 Response to "What's moving markets today"
Post a Comment