Smoke 'em if ya got 'em: Obama lifts ban on Cuban cigars

During his final days in office, Barack Obama is making some important changes: lifting travel restrictions on Cuban rum and cigars.

On Friday, the Obama administration made the exciting announcement that it is finally doing away with the set $100 limit on Cuban rum and cigars that travelers can bring to the states.

Starting Monday, cigars and rum will be subject to the same duties as alcohol and tobacco from other countries, which means travelers can bring as many as 100 cigars and several bottles of rum back from the island. Woah, baby.

Aside from delighting rum and cigar-loving travelers, Obama shared his belief that ending the ban will further strengthen ties with Cuba.

In a statement he explained, "Challenges remain - and very real differences between our governments persist on issues of democracy and human rights - but I believe that engagement is the best way to address those differences and make progress on behalf of our interests and values."

High-end Cuban cigars can sell for over $100 each outside of Cuba, so eliminating this $100 travel limit is huge.

Last year alone, over 160,000 Americans visited Cuba, a figure that is expected to double this year, potentially generating hundreds of millions of dollars in new annual revenue for the Cuban state.

In an effort to ease U.S. trade with Cuba, the relatively small-scale changes will also include lifting limits on cargo ship travel between the U.S. and Cuba. Obama included this regulation in hopes of making it easier to conduct joint medical research.

Additionally, cargo ships will now be allowed to visit U.S. ports directly after docking in Cuba, whereas before they were forced to wait 180 days. Cuba claimed the 180-day-long wait harmed its ability to successfully import and export.

Associated Press contributed reporting.