Contrast this with non-commercial speech. Federal regulations define within very narrow limits what can be said by those who sell securities. Let's subject cigarette advertising to this test. It fails the very first point. While smoking is legal, cigarette advertising clearly is misleading.
Smoking is the number one cause of premature, preventable death and disease in our society.
The whole purpose of cigarette advertising is to make people forget that central fact. If that is not misleading, I'm the Marlboro Man. Also, the medium is the message. It's hard for young people, in particular, to believe that government would allow unlimited advertising of a product that kills 450,000 Americans each year and is more addictive than heroin. But, just for fun, let's say that cigarette advertising is not the conspiracy of deception that it really is and proceed down the Court's analytical list.