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James Edwardes Jones, analyst at RBC Capital Markets, welcomed the ambition given the US charge and a grim outlook for BAT

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Theyve ditched the cartridges for better tanks An e-cigarette is basically two things: a battery and a container that heats a flavored, nicotine-laced liquid into a vapor

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Whether merely existing will be enough for the industry to survive, or whether the regulatory crackdown will completely disincentivize any further growth or investment, remains to be seen