I never heard of that tradition.
But, well first of all, cigars don't cause lung problems like cigarettes do because you don't inhale much of the smoke. You pull it into your mouth, taste it, and spit it out. Habitual cigar smokers get cancer in their mouths--lips, tongue, etc.--not their lungs.
Secondly ONE cigar isn't going to hurt you. Even one cigarette. It's habitual smoking, years and years, that does it.
I went to a company party with a friend, her company's 10-year anniversary. Someone was handing out Macanudos, a really famous and expensive cigar. We shared one, passing it back and forth like a joint. 8^)