Opinion: Take Big Tobacco’s money and help people quit smoking
October 31, 2024 by financialpost.com
Opinion: Take Big Tobacco’s money and help people quit smoking
Canada’s three major cigarette producers have offered $32.5 billion to settle lawsuits filed by provincial governments and smokers. The author argues that the plaintiffs should accept the offer. Although Big Tobacco’s harmful history might warrant ongoing punishment, the focus should be on helping smokers quit cigarettes, even if they switch to lower-risk nicotine options. The settlement amount is small compared to government revenue from cigarette taxes, which are very high to offset health costs and discourage smoking. Since the 1990s, Canada has collected about $250 billion in cigarette taxes. In contrast, the U.S. “Master Settlement” was $250 billion in a much larger economy with lower tobacco taxes.
11.40% of the adult population are current smokers. There are approximately 3.6 million current smokers in Canada 13.70% of men are current smokers but only 9.20% of women.
SOURCE: GSTHR
