noun
Refers to a rolled tobacco product, either a cigarette or a cigar. Context usually clarifies which is meant.
彼は自分で巻きタバコを作るのが好きだ。
He likes to roll his own cigarettes.
その店では高級な巻きタバコを扱っている。
That shop carries high-quality cigars.
Compound of 巻き (maki, 'rolling') + タバコ (tabako, 'tobacco'). The kanji 煙草 is an ateji for タバコ.