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We conclude from our findings that the outlook for the tobacco industry is uncertain, and the hostile external environment is unlikely to change

A profitable new industry to tax is understandably enticing to many lawmakers, but an excise tax on recreational marijuana should be based on the following principles: Tax rates should be low enough to allow legal markets to undercut, or at least gain price parity with, the illicit market

Therefore, smelling smoke will only be normal as long as you can identify the source of the smoke

There is no pressure to do this, but if it is your goal, here is a typical step-down path