The most common and most likely answer to this crossword clue is the 8 letter word SNUFFBOX
I've seen this crossword clue in Financial Times
S
N
U
F
F
B
O
X
Buddy explains!
The straight part
We know that "tobacco holder" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case tobacco holder = snuffbox.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does SNUFFBOX mean?
SNUFFBOX noun- A small box or container to hold snuff or loose tobacco.