The vast majority of tobacco smokers don't ever get lung cancer. I'm not sure about emphysema though. I know my lungs don't feel so well after smoking. I don't smoke marijuanna anymore, but I remember that it felt even harsher on my lungs (probably has to do with the temperature of the smoke).
Nicotine is supposed to have some sort of protective effect against Alzheimer's disease and Parkinson's. From my own personal experience, it seems to help my digestion.
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