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There are new successful subscription businesses being launched all the time. The question should be is there a market for a Cigar club? You would need to do your own research on that.
One trend I have noticed is that many (but certainly not all) of the subscription businesses seem to hit a plateau fairly quickly and then try to find alternative distribution for their products such as via retail.
Given subscription businesses require little upfront investment, you should be able to validate the idea without spending a huge amount of money.
Have a look at http://www.subbly.co/ and similar platforms that can help you go live and test quickly.
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