Smoking after I've already been drinking tended to give me the spins. God damn, the spins suck.
Big tobacco would do alright with pot, but not great. They'd undercut the people growing boutique grass and some people would jump on it. Many, many more would rather have good quality bud than cheap bud, though. There's also the number of chemicals to consider. My understanding is that Colorado bud is already highly chemical laden, and that doesn't go over real well. My hunch is that the tobacco industry would rather focus on vaping products in the US. The rest of the world is still quite happy to puff away on Marlboros.
And Hickenlooper always struck me as an interesting case. He seems to be demonstrating that you can be a highly popular politician just by listening to everybody, rather than only the members of your own party.