Philip Morris

Philip Morris International sells Marlboro and other cigarettes everywhere outside the United States, the mirror image of Altria, which kept the domestic rights when the two split in 2008. The more important story now is the pivot away from cigarettes: PMI has poured money into IQOS, a device that heats tobacco instead of burning it, and bought Swedish Match to own Zyn, the nicotine pouches selling fast in America. Management wants most of its revenue to come from these smoke-free products, betting that regulators treat them as less harmful and that the switch protects the business as smoking declines. Cigarettes still pay the bills and fund a large dividend, which is why income investors hold it. Headquartered in Stamford, Connecticut, with operations run from Lausanne, Switzerland, PMI is one of the biggest tobacco companies in the world.

On MyRWA, PM trades tokenized across 5 on-chain venues - see the listings below.