Tags: Castro-Cuba | Cigar | ending | Cuban | embargo

JR Cigar's Norris: Ending of Cuban Embargo 'Will Be Fantastic' for Stogie Fans

By    |   Wednesday, 17 December 2014 05:15 PM

President Barack Obama's decision to resume full diplomatic relations with Cuba has made happy campers out of cigar retailers.

Sales of Cuban cigars have been banned in the United States under the 50-year trade embargo.

"It will be fantastic, obviously," Rob Norris, CEO of cigar retailer and direct marketer JR Cigar, told CNBC. "Who knows what the news will be or how long it will take to take place, but that would be very exciting."

Prior to the embargo, the cigar trade between the U.S. and Cuba bustled. The new rules allow U.S. travelers to bring $100 worth of Cuban tobacco back to the United States, solely for personal use, Bloomberg News reported.

Despite the embargo, the United States has remained the world's No. 1 consumer of Cuban cigars, Greg Zimmerman, secretary of the International Premium Cigar & Pipe Retail Association, told CNBC.

Now, the industry will be legitimized, he said. "It's good news. It's something that the industry has been looking for for a lot of years."

Meanwhile, normalization presents an "important opportunity" for the U.S. agriculture sector, making exports of U.S. farm products to Cuba cheaper and easier for shippers, Agriculture Secretary Tom Vilsack told reporters Wednesday, according to Reuters.

The U.S. embargo exempted food, but stringent rules made exports difficult and expensive. Payment was required in advance and had to be made through third parties.

"The policy change is that now payment can be made while goods are in transit, which is the normal course of business, and no longer does the money need to be routed through a third party," Vilsack said.

Related Stories:





© 2019 Newsmax Finance. All rights reserved.

   
1Like our page
2Share
Finance
President Barack Obama's decision to resume full diplomatic relations with Cuba has made happy campers out of cigar retailers.
Cigar, ending, Cuban, embargo
286
2014-15-17
Wednesday, 17 December 2014 05:15 PM
Newsmax Media, Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved