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Given the global scale of operations, strong customer loyalty to brander products, high barriers to entry, and strong generation of excess cashflows and excess returns on investment, I believe that BTI has a wide moat (though most other competitors such as Altria, PMI also spot a wide moat as well) Companies like British American Tobacco can benefit from growth in emerging markets, where smoking is more widespread and declines in smokers are much slower

By the first half of the 19 th century, the use of tobacco was a common pastime in the United States

Oswald Street, Glasgow Opened 1817, this street is named after James Oswald of Shieldhall, according to Glasgow Live

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While some of them, like Autumn Evening, can be found in a tin, I think bulk is just the natural starting point for a new smoker