As has been mentioned, the second nine has only been completed for a few months
Financially, BAT can keep investing in NGPs and maintain its dividend so long as the core cigarette business continues to face a manageable pace of erosion
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That's why many shoppers are loyal to Trader Joe's, for example, or to Whole Foods, which has operated as a "Certified Organic" retailer since 2003
Nicotine delivered via vaping is more palatable than via smoking a cigarette, therefore it is likely that consumption will be higher
As stated above and in the rest of this paper, this correlates with a serious diminishment of the states capacity to investigate the illicit economy in general