Tobacco
Conduct Screen Harmful Products
Companies that manufacture, distribute, or derive significant revenue from tobacco or nicotine products — cigarettes, cigars, smokeless tobacco, vaping/e-cigarette products, and heated tobacco. Includes companies where tobacco/nicotine is the primary product line.
17 companies currently excluded under this screen
Excluded Companies (17 total)
Showing 17 of 17 companies excluded under this screen.
| Ticker | Company | Reason |
|---|---|---|
| BTI | British American Tobacco p.l.c. | British American Tobacco p.l.c. is a multinational tobacco company whose primary business is the manufacture and sale of combustible cigarettes, vaping products, and other nicotine delivery systems. Its portfolio includes global brands such as Lucky Strike, Pall Mall, and Dunhill. In 2024, the company reported revenue of £27.7 billion, with the vast majority derived from tobacco and nicotine products. The company has a significant history of regulatory and legal violations. In April 2023, British American Tobacco agreed to pay more than $629 million in penalties to resolve U.S. government charges that it engaged in bank fraud and violated sanctions by conducting business in North Korea through a third-party company. The U.S. Department of Justice and Treasury Department settlement included a $508 million component for apparent sanctions violations. Separately, the U.S. Federal Trade Commission opened an active investigation in 2020 into British American Tobacco Nigeria Limited and affiliated companies concerning alleged anticompetitive practices. While the company publicly states a commitment to "building a Smokeless World" and aims to become a "predominantly Smokeless business by 2035," its current financial reliance on combustible cigarettes remains foundational. The strategic transition it describes is ongoing within a core product category—tobacco and nicotine—that is excluded due to its health impacts and addictive nature. |
| PM | Philip Morris International Inc | Philip Morris International derives approximately 70% of its $35.2 billion annual revenue from combustible cigarette manufacturing, with its Marlboro brand sold in over 180 countries. The company’s product portfolio includes cigarettes, heated tobacco units (IQOS), e-vapor products, and oral nicotine pouches. While PMI publicly advocates for a “smoke-free future,” its core business remains the production and global distribution of traditional tobacco products. The company has a documented history of regulatory violations related to its marketing and product compliance. In December 2024, Philip Morris agreed to pay $1.2 million to settle a U.S. federal probe into violations of the ban on flavored tobacco products. Separately, a Danish court fined the company 3 million kroner for tobacco advertising violations. PMI has also engaged in trade advocacy to challenge restrictions on its newer products, lobbying EU officials to oppose bans on heated tobacco products outside Europe as barriers to free trade. Despite its stated ambition to replace cigarettes, PMI continues to manufacture and sell the combustible products responsible for the overwhelming majority of tobacco-related harm. The company remains a defendant in ongoing tobacco product liability litigation, including a court-approved plan in Canada as of March 2025 to resolve claims against it and its affiliates. |
| MO | Altria Group | Altria Group derives the vast majority of its revenue from the manufacture and sale of tobacco and nicotine products. Its core subsidiaries include Philip Morris USA, the leading cigarette manufacturer in the United States, and the U.S. Smokeless Tobacco Company. In 2024, the company reported growth in its oral tobacco segment, which includes moist smokeless tobacco and modern oral nicotine pouches. The company has a long history of litigation related to the addictiveness and marketing of its products. This includes a 2008 Supreme Court case, *Altria Group, Inc. v. Good*, concerning state law claims over deceptive advertising of "light" cigarettes. Internal documents and legal complaints, such as those in *Mulford v. Altria Group*, have alleged the company fraudulently concealed its knowledge of behavioral factors that increase nicotine addiction. While Altria has made strategic investments in reduced-risk products, such as its minority stake in JUUL Labs and its acquisition of NJOY, its core business remains the sale of combustible cigarettes. The company continues to market traditional tobacco products while navigating regulatory and antitrust scrutiny, as seen in a 2022 Federal Trade Commission case regarding its JUUL investment. |
| RLX | RLX Technology Inc | RLX Technology Inc. is a Chinese manufacturer of RELX-branded electronic cigarettes and vaping products. The company's primary business is the design, development, and sale of closed-system vaping devices and nicotine-containing e-liquid pods. In June 2023, a subsidiary obtained the Tobacco Monopoly License for Manufacturing Enterprise from the State Tobacco Monopoly Administration, formally regulating its core product line as a tobacco product. The company's financial model is built on nicotine delivery. E-cigarette manufacturers in China, including RLX, are subject to a 36% ad valorem excise tax on production, a tax category specific to tobacco products. While RLX has diversified geographically, with over 70% of its third-quarter 2025 revenue coming from outside China, its product remains a nicotine-vaporizing system designed for adult smokers. Under China's current regulatory system, RLX is required to sell its products exclusively to the state-run China National Tobacco Corporation (CNTC), further integrating its operations into the state tobacco monopoly framework. |
| EAST.EGX | Eastern Company S.A.E. | Eastern Company S.A.E. is Egypt's state-controlled tobacco monopoly, holding exclusive rights to manufacture and distribute cigarettes and other tobacco products within the country. It is the sole licensed manufacturer of cigarettes in Egypt, making tobacco its primary and defining business activity. The company has been the subject of recent labor disputes. In May 2025, the Committee for Justice documented abusive measures taken by Eastern Company management against worker-shareholders after they refused to sell their shares to an undisclosed investor. This followed a 2023 event where the company signed a collective labor agreement in the presence of the Minister of Manpower. In 2024, Philip Morris International entered the Egyptian market by obtaining a stake in a company that won a disputed license, further entrenching international tobacco interests in the country through Eastern Company's monopoly structure. |
| GDNGY | Gudang Garam tbk pt | PT Gudang Garam Tbk is Indonesia's largest tobacco manufacturer, deriving its primary revenue from the production and sale of cigarettes. The company holds a dominant market share of nearly 33% in the Indonesian market and operates as a fully integrated producer. Indonesia is not a party to the World Health Organization Framework Convention on Tobacco Control (FCTC), and the domestic tobacco industry, of which Gudang Garam is a leading player, is noted for its significant interference in public health policy. The company's core business is the manufacture of kretek cigarettes, a product type specific to the Indonesian market. While specific recent financial data was not captured in the provided evidence, the company's size and market position indicate tobacco products constitute the overwhelming majority of its revenue. There is no evidence of a strategic shift away from tobacco or nicotine products. |
| SGHIF | Shanghai Industrial Holdings Ltd | Shanghai Industrial Holdings Ltd. operates Nanyang Brothers Tobacco Company, a major tobacco manufacturing subsidiary that produces and distributes cigarettes and other tobacco products. The company has been listed on multiple international tobacco exclusion lists, including by Norges Bank Investment Management (NBIM) and the Norwegian Council on Ethics, which recommended exclusion in 2009 due to its involvement in tobacco production. The Nanyang Brothers Tobacco segment is reported as a core business unit within the conglomerate's financial disclosures. In 2024, the company stated Nanyang Tobacco would accelerate cultivation in the innovative tobacco market, indicating ongoing strategic investment in tobacco product development. The subsidiary itself is designated as a Chinese Industrial Heritage site, reflecting its long-standing and significant role in the industry. |
| 2914 | Japan Tobacco Inc | Japan Tobacco Inc. is a global tobacco manufacturer whose primary product line is combustible cigarettes, smokeless tobacco, and heated tobacco products. The company's core business is the manufacture and sale of tobacco and nicotine products, with its combustible cigarette brands, including Winston and Camel (outside the U.S.), generating the majority of its revenue. Japan Tobacco has also invested significantly in its heated tobacco sticks (HTS) business, a category in which it has gained market share and which JPMorgan analysts cited as a driver for upgrading the stock in October 2025, projecting 6% annual sales growth. The company's strategic reinvestment of profits from traditional cigarettes into accelerating its HTS business underscores its continued, long-term commitment to the tobacco and nicotine sector. |
| 336 | Huabao International Holdings Ltd | Huabao International Holdings Ltd is a Chinese manufacturer of flavorings and fragrances used in tobacco products. The company's primary business is supplying tobacco flavor additives to cigarette manufacturers, deriving significant revenue from the tobacco industry. Its products are integral components in combustible cigarette production. In February 2022, Huabao's shares fell by 65% following a government probe into its controlling shareholder, Zhu Lin, who was placed under investigation. The company's financial disclosures and market performance are directly tied to the tobacco supply chain. While specific revenue percentages from tobacco are not detailed in the provided evidence, the company's core product line and market positioning are defined by its role as a supplier to the tobacco industry. |
| PHJMF | PT Hanjaya Mandala Sampoerna Tbk | PT Hanjaya Mandala Sampoerna Tbk is Indonesia's leading tobacco manufacturer, founded in 1913. The company's primary business activity is the manufacturing and trading of cigarettes, including hand-rolled kreteks (SKT), machine-rolled clove cigarettes (SKM), and machine-made white cigarettes. Tobacco and nicotine products constitute its core product line. The Council on Ethics for the Norwegian Government Pension Fund Global (GPFG) has recommended the company's exclusion from investment due to its involvement in the production of tobacco products. Available evidence indicates the tobacco industry, within which Sampoerna operates, has been associated with systemic issues of corruption, though specific, material incidents directly attributable to the company were not detailed in the gathered sources. |
| BAT | British American Tobacco Malaysia Bhd | British American Tobacco Malaysia Bhd is a tobacco company principally engaged in the manufacture, distribution, and sale of cigarettes and other tobacco products in Malaysia. The company generates the vast majority of its revenue from its combustible cigarette segment. The company has actively opposed public health measures in its market. In 2022, it argued that Malaysia's proposed generational smoking ban would fuel the illicit tobacco market and negatively impact the economy. A 2023 industry interference index report noted that, despite acknowledging the harms of smoking, the company stated its focus was to "drive share growth in combustibles [cigarettes] in order to drive revenue." This indicates a business strategy centered on maintaining and growing sales of its primary harmful product. |
| UVV | Universal Corp/VA | Universal Corporation is an independent leaf tobacco merchant, processing and supplying tobacco worldwide. Its primary business is operating in the agri-products and tobacco sectors, with its facilities engaged primarily in processing tobacco used by smoking product manufacturers. The company reports through two segments, with its Tobacco Operations segment representing its core activity. The company's operations are directly tied to the manufacturing of cigarettes and other smoking products, providing turnkey contract manufacturing of cigarettes and filtered cigars. Industry analyses and financial data consistently categorize Universal Corp as a tobacco stock, with its performance and earnings directly affected by sales trends in tobacco products. |
| TPB | TURNING POINT BRANDS INC | Turning Point Brands Inc. is a manufacturer, marketer, and distributor of branded consumer products strategically focused on tobacco and nicotine. Its primary business segments are Zig-Zag, which produces rolling papers and other smoking accessories, and Stoker's, which manufactures and sells moist smokeless tobacco and modern oral nicotine pouches. The company's product portfolio is dedicated to the consumption of combustible tobacco and nicotine, with smokeless tobacco and modern oral nicotine products representing a core revenue line. According to its 2025 10-K report, the company is a leading independent provider in these categories, deriving the vast majority of its revenue from tobacco and nicotine-related products. |
| STBGY | Scandinavian Tobacco Group A/S | Scandinavian Tobacco Group A/S is a manufacturer and distributor of tobacco products, deriving its primary revenue from cigars, pipe tobacco, and next-generation nicotine products. The company operates across four segments serving markets in North America, Europe, and Australia. Its product portfolio includes combustible tobacco goods, which are the core of its business. The company's public sustainability statement asserts it does not work to increase the number of smokers or to grow the total market for tobacco or nicotine products. However, its business model remains fundamentally dependent on the sale and consumption of these addictive substances. |
| TBK | Philip Morris Cr AS | Philip Morris CR a.s. is the Czech subsidiary of Philip Morris International, a leading international tobacco company. The company manufactures and sells a portfolio of tobacco and nicotine-containing products, primarily under the Marlboro, L&M, Philip Morris, Petra Klasik, Sparta, and Chesterfield brands. It reported consolidated sales of CZK 9.8 billion in the first half of 2023 and holds an estimated 40.1% market share in its operating region. Its core business activity is the production and distribution of combustible cigarettes, which places it squarely within the tobacco products exclusion category. |
| 33780 | KT&G Corp | KT&G Corp is a South Korean tobacco company whose primary business is the manufacture and sale of cigarettes, heated tobacco products, and e-cigarettes. In 2025, the company reported annual revenue exceeding KRW 6 trillion (approximately USD 4.5 billion), with operating profit surpassing KRW 1.3 trillion. Its core product lines include traditional combustible cigarettes and next-generation tobacco products like its "lil" heated tobacco brand. The company holds a dominant position in the domestic Korean market and actively exports its tobacco products internationally. |
| IMBBY | Imperial Brands Plc | Imperial Brands is one of the world's largest tobacco companies, manufacturing and selling cigarettes, cigars, rolling tobacco, and vaping products under brands including Winston, Davidoff, and Gauloises. Tobacco is the company's core business. |
The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
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