PCA Applauds Governor Grisham’s Veto of Harmful Cigar Tax Increase in New Mexico
Washington, D.C. – The Premium Cigar Association (PCA) today expressed its appreciation to Governor Michelle Lujan Grisham for vetoing the harmful 25% cigar tax hike in H.B. 547. The veto shields New Mexico premium cigar retailers from the adverse consequences such a drastic tax increase would have on their business.
PCA Director of State Advocacy, Glynn Loope, said, “We are grateful to Governor Grisham for recognizing the impact this tax increase would have had on small businesses and consumers in New Mexico, especially during these challenging times. Her decision to veto the cigar tax will undoubtedly work to keep sales of premium cigars in New Mexico.”
However, actions by the legislature to strip the cigar tax cap during the session need to be addressed. Loope stated, “Last week, I spoke to the Governor’s Office on this issue. Procedurally, her hands were tied. We look forward to working with the Governor’s Office and legislative allies to revisit this matter in the 2024 session.”
Loope continued, “We are pleased that the legislation that would have banned flavored tobacco products, as well as legislation that would have granted local governments sweeping authority over tobacco products failed to advance. We appreciate all of our premium cigar advocates, both retailers and consumers alike, who let their voices be heard on these issues.”
PCA represents over 3,000 members nationwide, including retailers, manufacturers, and distributors of premium cigars, and works to protect the interests of the premium cigar industry. The association has been advocating for the protection of premium cigars from harmful regulation, taxes, and other measures that threaten the industry.
PARTAGAS RELEASES FIRST US-MADE CIGAR IN
COLLABORATION WITH EL TITÁN DE BRONZE
Partagas will release its first collaboration in April with Partagas de Bronce, an exceptional
cigar handcrafted in Miami by the Cuban expatriate rollers of the famed El Titán de Bronze
Cigar Factory.
The cigar’s name calls upon the Spanish spelling of “bronce” in tribute to the origins of Partagas
and El Titan de Bronze.
Partagas de Bronce was blended by STG’s Justin Andrews, with Sandy Cobas and the blending
team at El Titán de Bronze. Made with a Corojo wrapper, Partagas de Bronce is a medium-
bodied Nicaraguan puro that brims with nuances. Cocoa, earth, wood, hints of citrus and an
intriguing creaminess deliver a cigar that highlights the heritage of Partagas with the artistry of
El Titán de Bronze.
John Hakim, brand manager of Partagas said, “For a venerable brand like Partagas,
collaborating with a legend like Sandy Cobas and creating a special, limited edition cigar at her
family-owned factory marks an important step in Partagas’ evolution. Partagas de Bronce
highlights Partagas’ devotion to old-world cigarmaking techniques, and its commitment to
marching the brand forward through innovation. We look forward to sharing this exceptional
blend with cigar lovers across the country.”
Partagas de Bronce will be released in April, when 5,000 boxes, each signed by the El Titán de
Bronze cigarmaker who crafted them, will ship to retailers. Each box contains ten cigars.
Partagas de Bronce Corona Gorda (6.25” x 46) – SRP per cigar $22.99
PCA Announces Date and Location for 2024 Annual Convention and Trade Show
[Washington, DC — Fri, March 24, 2023] The Premium Cigar Association (PCA) announced today that the 2024 Annual Convention and Trade Show will be held March 22-25, 2024 at the Las Vegas Convention Center. This marks a change from the traditional summer time trade show to earlier in the year. PCA is currently negotiating contracts for the 2025 Annual Convention and Trade Show for an early spring date in a new location and expects to announce that in the coming weeks.
“From pretty much my first day on the job, I have heard from numerous members that moving the trade show earlier in the year would be better for the annual business cycle,” said PCA Executive Director Scott Pearce. “Over the past couple of years we have sent out several surveys inquiring about time of year and location and we held a town-hall style meeting with the membership at last year’s trade show to elicit feedback from our members. Our board has listened and put in some good work to respond to the voice of our membership,” Pearce said.
“With the move to March, the board really feels that this an optimal time for the industry as retailers will be able to place orders before the busy season hits and get the new and exclusive products on their shelves when demand is the highest,” said Greg Zimmerman, president of the PCA Board. “Plus, we anticipate that many retailers who are not able to attend in summer when business is at its peak, will be able to attend our industry’s largest event,” Zimmerman said.
Zimmerman also recognized and thanked the Tobacconists Association of America (TAA) for their support as the new PCA trade show dates conflict with the traditional dates of the TAA meeting. “I know the new dates have presented a big challenge for TAA as March is typically when they hold their meeting. Throughout this process they have been incredibly understanding and supportive and I would like to sincerely thank their board for the hard work they have put in to adjust their plans to make the PCA date change a reality,” Zimmerman said.
Mike Conder, the associate board representative on the PCA Executive Committee said the earlier dates makes a lot of sense and anticipates it will yield good results for all who participate. “As an exhibitor, I do think having the show earlier will enhance our potential for product turns during the prime selling months for much of the country. Additionally, having the opportunity to meet with our retail partners earlier in the annual sales cycle to plan our events and other promotional activities will give everyone a better chance to maximize activity right through the year,” said Conder.
Chair of the PCA trade show committee and Vice President of the Board, Scott Regina, commented on the importance of PCA to continuously look for ways to evolve the trade show to meet the changing needs of the industry. “As a board, we seriously consider all aspects of the trade show as a way to benefit our members. We made sure to get a lot of feedback via surveys, meetings, and conversations to ensure that we were making good, informed decisions. I think that not only moving the dates of the show, but with many of the new initiatives that we’ve been adding to the show to enable more networking, exclusive products, and better educational seminars, the impact of the show will continue to grow,” Regina said.
For information on the PCA23 Annual Convention and Trade show please visit www.pcashow.org
ABOUT PCA
Founded in 1933, the Premium Cigar Association (PCA) is the oldest, largest, and most active trade association representing and assisting retailers, manufacturers and suppliers of premium tobacco products. PCA is a not-for-profit trade association whose mission is the grow specialty tobacco retailing.
Punch invites cigar lovers to take a trip back in time with Punch Golden Era, a new, three-cigar
collection that will be a full-time addition to the Punch anthology.
Punch Golden Era celebrates the beauty and versatility of the corojo tobacco that had a starring role
in the “golden age” of cigars. Corojo had been used as the wrapper of choice until tobacco diseases
and mold brought the tobacco to the brink of extinction.
Today, Punch is bringing Corojo tobacco back to its former glory, thanks to the famous Cuban seeds
that have been cultivated on a 650-acre farm in Honduras by the Eiroa family.
The cigar is made with Honduran-grown, Cuban seed Corojo wrapper and binder, and its filler is
comprised of Honduran-grown Habano and Cuban-seed Corojo tobacco.
John Hakim, brand manager for Punch said, “The Eiroa family has perfected Corojo tobacco and we
are excited to bring it to life with Punch Golden Era. This tobacco delivers a silky, golden wrapper, a
binder with ideal combustibility and a filler that produces unique spicy notes and a spectrum of
nuances. We’re especially pleased to make a true Corojo experience available for cigar lover to enjoy
any time the occasion calls for a rich and rewarding smoke.”
Mellow-to-medium-bodied, Punch Golden Era is elegant and refined. The cigar balances notes of
earth, cream and nuts.
Punch Golden Era is hand made at Fabrica de Puros Aladino SA in Honduras. The cigars will be
presented in 20-count boxes and will ship to retailers on May 1. The line will launch with three sizes.
Robusto (5” x 50); SRP per cigar $9.99
Toro (6” x 52); SRP per cigar $10.49
Churchill (7” x 48); SRP per cigar $10.99
Los Angeles, CA, March 28, 2023 (GLOBE NEWSWIRE) — El Septimo has hired seasoned Sales Executive, Franklin Kleckner, to support its continuous sales growth and expansion throughout US retail centers. Franklin Kleckner will be joining El Septimo beginning on April 3, 2023 as Sales Manager of the Eastern Seaboard. His territories will include South Carolina, North Carolina, Virginia, D.C., West Virginia, Maryland, Delaware, Pennsylvania, New Jersey, and New York.
Franklin has a Bachelor of Science degree in Business Marketing from George Mason University in Virginia and has spent the past 6 years working for Rocky Patel Cigars as a Head Trainer and Regional Sales Manager in Virginia and the Carolinas.
Zaya Younan, CEO of El Septimo Cigars, says, “We continue to grow globally by taking market share from all leading cigar companies, and in preparation for this continuous growth, we need to expand our direct sales force team to better service our retailers”
FranklinKleckner adds, “I’m thrilled to be joining El Septimo, a company that is reinventing the industry and producing cigars that everyone is talking about. It is very difficult to smoke any other cigar once you’ve had an El Septimo. Not only are their cigars and accessories world-class, but their growth is something that I have never seen before. After experiencing the unique layers of complexity and refinement that El Septimo cigars have to offer, I knew I had to go on this journey with El Septimo and I’m excited to share this experience with enthusiasts across the Eastern Seaboard.”
Younan finishes, “We welcome Franklin Kleckner to our team and are looking forward to his contributions towards this luxury brand of cigars and accessories. We will be announcing other hires, as we believe 2023 will be our biggest growth year yet.”
El Septimo is continuing to look for industry veterans experienced in the areas of sales, customer service, marketing, and production management.
Phillips & King Contact:
Rachel McKnett
rachelmcknett@phillipsandking.com
The Return of Rocky Patel Olde World Reserve
Phillips & King now exclusively distributing the much-sought-after cigar in Corojo and Maduro.
(October 2022) Phillips & King is giving a hero’s welcome to Rocky Patel Olde World Reserve. This highly
desired cigar is returning to the premium cigar category 10 years after its initial release, and is now
being exclusively distributed by Phillips & King as of late September 2022. Known in the industry for
their exceptional product selection and service, Phillips & King is pleased to add this customer-favorite,
whose bold blend helped put Rocky Patel on the map when it was first launched.
“Rocky Patel’s Olde World Reserve is an iconic
cigar that every premium tobacconist should
have in stock,” says Jason Carignan, President of
Phillips & King. “And the royal treatment from
Phillips & King is ideal for its grand re-entry to
the market. We are excited to partner with the
great minds and industry veterans at Rocky
Patel, and are even more excited to get these
cigars into the hands of our retail customers.
The smokes are beautifully nuanced, and truly
incomparable. We see great success ahead for
both of our brands.”
One of Rocky Patel’s best-selling cigars to date, the Olde World Reserve offers a medium-to-full-bodied
profile, with Nicaraguan binders and fillers, and two wrappers that bring their distinct regional flavors to
the overall experience:
The Maduro. Richly dark in color, this cigar is
hand-rolled at Rocky Patel’s TaviCusa Factory in
Esteli, Nicaragua, and delivers flavors of
volcanic earthiness, natural tobacco sweetness,
and black pepper with a salted caramel finish. It
is available in the following sizes: Robusto, Sixty,
Toro
The Corojo. Hand-rolled at the Paraiso Factory
in Danli, Honduras, this smooth cigar offers
notes of toasty wood and graham cracker
complemented by the natural sweetness of the
Corojo leaf. It is available in the following sizes:
Robusto, Sixty, Toro
With an extensive network of distribution and tax compliance capabilities, Phillips & King will be
shipping the Rocky Patel Olde World Reserve cigars to retailers in all 50 states, the U.S. Virgin Islands,
Guam, Puerto Rico, and globally to US military bases. For more information or to place an order to carry
Rocky Patel Olde World Reserve, please visit phillipsandking.com or call 800-532-4427.
# # #
About Phillips & King
Phillips & King, a subsidiary of Kretek International, Inc., is a leading distributor of specialty tobacco,
alternative smoking products, and accessories in the United States. Since 1906, the company has built a
strong reputation by focusing on independent and small chain convenience, tobacco, and liquor
retailers. Phillips & King offers an unparalleled catalog of products and ships to all 50 states, the US
Virgin Islands, Guam, Puerto Rico, and globally to US military bases, providing hassle-free tobacco tax
compliance, easy web-ordering and a team of knowledgeable customer service experts. For more
information, please visit phillipsandking.com.
CFPB Launches Effort to Spur New Opportunities for Homeowners in the Mortgage Market
Agency seeks information on refinances, mortgage products to promote competition and support household financial stability
Washington, D.C. —The Consumer Financial Protection Bureau (CFPB) is asking for public input on ways to spur new mortgage products that help households. The CFPB seeks insights on ways to improve mortgage refinances for homeowners who would benefit from refinancing, especially for borrowers with smaller loan balances. The agency also seeks public input on ways to support automatic short-term and long-term loss mitigation assistance for homeowners who experience financial disruptions. The CFPB will use this information as it considers steps to support household financial stability and address refinance market gaps. Today’s initiative is part of a broader CFPB effort to promote competition and innovation in consumer finance markets.
“The mortgage market has not provided products that allow all households to save money by refinancing at a lower interest rate,” said CFPB Director Rohit Chopra. “We are eager for input on ways that borrowers taking out loans today can refinance to lower rates in the future.”
Mortgage payments are often a household’s single largest expenditure, so the terms of a mortgage greatly impact a household’s financial stability. When interest rates decline, many borrowers benefit from the lower rates by refinancing their loans. For example, researchers at the Federal Reserve Bank of Boston found that total consumer savings from mortgage refinancing from January 2020 to October 2020, during the refinancing boom, was $5.3 billion annually. The typical consumer saved nearly $300 a month ($279) from refinancing during that period. The savings from refinancing a mortgage at a lower rate can translate into increased wealth and equity for borrowers. However, mortgage refinancing can be harder to access for borrowers with smaller loan balances. Black and Hispanic borrowers, who on average have smaller loans, have not participated in recent refinance booms at the same rate as white borrowers.
Refinancing volume has dropped dramatically, down almost 70% from last year, as interest rates have risen. New streamlined and automatic refinancing mortgage products could make sure that those buying a home now, or refinancing to cover other needs, are able to benefit from the next interest rate drop.
Periods of economic turmoil can pose significant challenges for mortgage borrowers. At the height of the COVID-19 pandemic, for example, millions of borrowers lost jobs and income and were at risk of losing their homes. Forbearance protections, passed by Congress via the CARES Act, allowed millions of homeowners with federally-backed mortgages to temporarily stop their monthly mortgage payments. Many servicers of mortgages that did not qualify for CARES Act protections followed the government’s lead and offered similar protections. Over the course of the pandemic, 8.2 million borrowers entered a forbearance program, and as of July 2022, 93% have exited. Of those who have exited forbearance, only 5% are delinquent or in active foreclosure. The CFPB is interested in the features of these pandemic-related forbearance programs that should be made more generally available to borrowers, and in particular, if there are ways to automate and streamline the offering of long-term loss mitigation assistance.
Specifically, the CFPB is requesting information about:
Targeted and streamlined refinance programs: Targeted and streamlined refinance programs have been used to improve refinancing, typically with lower transaction costs than traditional refinances. Refinance programs can lead to lower monthly payments and interest rates for homeowners who previously would have been unlikely or unable to refinance.
Innovative refinancing products, such asautomatic refinancing: Such products might automatically trigger an offer to refinance or automatically reduce a loan’s interest rate in certain circumstances. This could help homeowners who currently face barriers to refinancing, including those with lower-balance mortgages, access beneficial refinancing.
Automatic forbearance and long-term loss mitigation assistance: Mortgage products with automatic forbearance features may help ensure that homeowners whose incomes or financial situations are affected by events, such as natural disasters, are able to receive timely payment relief that could help them avoid foreclosure and provide increased household financial stability. Additionally, such automatic forbearance features could provide benefits for mortgage servicers and holders as well.
Competitive mortgage markets promote opportunities for wealth creation and promote broader household financial stability. Today’s request for information seeks innovative and timely ideas to address persistent market failures and to help borrowers access beneficial refinancing along with short- and long-term loss mitigation assistance. Public input will help inform future policy initiatives, rulemaking, and other mortgage competition and innovation initiatives.
The request for information announced today is an example of the CFPB’s new approach to promoting competition and new products. As announced in May, rather than providing special regulatory treatment of individual firms, the CFPB will seek to identify stumbling blocks for those seeking to challenge the status quo with new products or services. The Paperwork Reduction Act authorization for the CFPB’s Compliance Assistance Sandbox and No Action Letter Policies expires on September 30, 2022, so the CFPB will no longer be accepting or processing applications submitted through those Policies after that date
Consumers having an issue with a consumer financial product or service can submit a complaint with the CFPB online or by calling (855) 411-CFPB (2372).
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The Consumer Financial Protection Bureau is a 21st century agency thatimplements and enforces Federal consumer financial law and ensures that markets for consumer financial products are fair, transparent, and competitive. For more information, visit consumerfinance.gov.
CFPB Launches New Effort to Promote Competition and Innovation in Consumer Finance
New Office Will Identify Obstacles for New Market Entrants
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) is opening a new office, the Office of Competition and Innovation, as part of a new approach to help spur innovation in financial services by promoting competition and identifying stumbling blocks for new market entrants. The office will replace the Office of Innovation that focused on an application-based process to confer special regulatory treatment on individual companies. The new office will support a broader initiative by the CFPB to analyze obstacles to open markets, better understand how big players are squeezing out smaller players, host incubation events, and, in general, make it easier for people to switch financial providers.
“Competition is one of the best forms of motivation. It can help companies innovate and make their products better, and their customers happier,” said CFPB Director Rohit Chopra. “We will be looking at ways to clear obstacles and pave the path to help people have more options and more easily make choices that are best for their needs.”
The CFPB has a statutory mandate to promote fair, transparent, and competitive markets. Families, honest businesses, and the entire economy benefit when consumer finance markets are fiercely competitive, rather than dominated by a handful of firms. Digital technology is transforming the markets, including how payments, deposits, and lending are provided and who provides them. Big banks, fintech, big tech, incumbents, and small start-ups are all jockeying to be in front. The Office of Competition and Innovation will focus on how to create market conditions where consumers have choices, the best products win, and large incumbents cannot stifle competition by exploiting their network effects or market power.
The new office will support the CFPB’s general effort at increasing competition for the benefit of all consumers. Specifically, the CFPB will:
Give consumers their walking rights to switch providers: Competition is more vibrant when people can switch to a new provider easily, creating pressure on incumbents to maintain high levels of service and giving new entrants an opportunity to win customers. The CFPB will be exploring ways to reduce the barriers to switching accounts and providers.
Research structural problems blocking successes: The new office will be housed in the CFPB’s Research, Markets, and Regulation division, giving it greater access to resources to look at market-structure problems that create obstacles to innovation. For example, this could include greater explorations of the payment networks market or the credit reporting system, both of which are essential to our financial system but have only a few dominant players.
Understand how bigger players can gain advantage over smaller players: Sometimes start-ups simply get runover by bigger players. For example, big companies can easily pitch new products to their large customer bases and stymie outside players who may have more favorable products. Big tech companies, with their huge reaches, are also seeking new ways to join consumer finance markets and may threaten fair competition.
Identify ways to address commonplace obstacles: Innovators may not be getting their products or services to market because of more practical problems like access to capital or talent. Or they may not launch because they don’t have access to the large volumes of digital data stored by the big banks. A future rulemaking by the CFPB under Section 1033 of the Consumer Financial Protection Act will give consumers access to their own data.
Host events to explore barriers to entry and other obstacles: The new office will convene events such as open houses, sprints, hackathons, tabletop exercises, and war games. Entrepreneurs, small business owners, and technology professionals will be able to collaborate, explore obstacles, and share frustrations with government regulators. Results will be shared publicly.
The Office of Competition and Innovation replaces the Office of Innovation, which opened in 2018, and Project Catalyst, launched in 2014. The Office of Innovation’s primary purpose was to process applications for No Action Letters and Sandboxes that applied to an individual company’s specific product offering. After a review of these programs, the agency concludes that the initiatives proved to be ineffective and that some firms participating in these programs made public statements indicating that the Bureau had conferred benefits upon them that the Bureau expressly did not.
The CFPB is also encouraging companies, start-ups, as well as members of the public to file rulemaking petitions to ask for greater clarity on particular rules. This will help level the playing field and foster competition by ensuring any actions the CFPB takes will apply to all companies in the market.
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The Consumer Financial Protection Bureau is a 21st century agency thatimplements and enforces Federal consumer financial law and ensures that markets for consumer financial products are fair, transparent, and competitive. For more information, visit consumerfinance.gov
Dahot Cigars comes to TPE 2022 Las Vegas from Honduras. They presented their line of 6 cigars all varying from Connecticut, Maduro and Habano. With over 15 years of experience in the industry, Dahot is a brand should be added to your palate. Catrina De Mi Vida, Don Juan Calavera, The Clown, Flor Maya, Marchetti and Flow is their lineup. Visit Dahotcigars.com and check out their entire line and purchase from their website.
