(The District of Columbia has the highest tax at $4.50 and Missouri has the lowest at 17 cents.) 6-8 All other tobacco products are taxed at 40% of the manufacturers list price.6,7 Clean indoor air ordinances Smoking is prohibited in all government and private workplaces (nonpublic workplaces with three or fewer employees are exempt), schools, childcare facilities, retail stores, recreational/cultural facilities, restaurants, bars (cigar/tobacco bars are exempt) and casinos/gaming establishments (tribal establishments are exempt).6,7 E-cigarettes are included in the states clean indoor air law.9 Licensing laws Retailers are not required to obtain a license to sell tobacco products
San Mateo Countys Tobacco Retailer Permit Ordinance affects tobacco retailers operating in unincorporated areas of the county and the following cities: San Carlos, San Mateo, Colma, East Palo Alto, Brisbane, Menlo Park, Millbrae, San Bruno, and South San Francisco
Given these dynamics, and with a P:E ratio of 6.92, the shares of BAT currently seem undervalued
for marketing Natural American Spirit cigarettes with reduced harm claims without approval
