The large selloff of Altria and British American Tobacco's share price begun almost two and half years ago following the FDA's proposal to lower nicotine levels in cigarettes.
This was further amplified when around twelve months ago they also announced plans to completely ban menthol cigarettes.
Recently when they released their list of priority new regulations for the next twelve months, both of these were now absent.
At a minimum this provides at least a temporary reprieve, which is itself is still bullish, yet due to the lack of progress there is the possibility these regulations keep getting kicked down the road.
It has been almost two and half years since the current nightmare engulfing the United States tobacco industry began, when on the 28th July 2017 the FDA announced their intention to reduce nicotine