Or just make a cigar so good the demand exceeds your ability to produce...
I'm not sure I buy that. I believe they artificial hold down supply to drive up demand and price. I don't fault them, and I don't mind paying when I find them, but I think they could probably produce more of the same quality.
Then again, I'm a cynic.
If they could, why wouldn't they as it would sell it also?
Because they wouldn't sell for the same price. Part of the high price is the high demand that comes from limited supply. There's also the "oh wow I found a hard to find cigar, I better buy a box now" factor.
Whereas if it was easier to find, people might pass on it.