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Even veterans can get confused when discussing the variety of vape pens, box mods, and devices designed to cater to particular substances or vaping styles

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IQOS is an alternative tobacco product that heats real tobacco without burning it, resulting in tobacco flavor and nicotine, but significantly reduces or eliminates carcinogens

Geographically, the slim market can be classified into four categories

ITC cigarette rev is +15% YoY in FY21.5/8 The other large ITC shareholder, ~30%, is Tobacco Manufacturers (India), an Indian subsidiary of British American Tobacco (BAT), an $85B company with $30B in rev, once the biggest tobacco company in the world and part of the big 5.6/8 BAT and ITC have been in a war since 1994 because BAT wanted to increase its stake and focus on tobacco, but ITC wanted to expand into a conglomerate business