A third of JTI is owned by the Japanese government. The company operates in over 70 countries and sells high-risk products in more than 130 markets. Between 2017 and 2019, five substantial high-risk-related acquisitions have resulted in growth in the company’s cigarette volume sales. As a result, cigarettes remain the exclusive revenue generator for the company, with market-leading positions in countries such as the UK and Russia. The company has also expanded its portfolio in reduced-risk categories, recently adding non-tobacco nicotine pouches alongside cartridges and heated tobacco. This was supported by an increasing share of R&D investments focused on reduced-risk products.