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Changes Since the TPD Was Introduced Even though the TPD made significant enhancements to the manufacturing, selling and purchasing of e-cigarettes, the industry hasnt stood still

PMI has much less exposure to that troubled market than Altria, which took a 35% stake in e-cigarette leader Juul Labs last December

The FDA also says e-cigarettes cannot legally be sold as a less hazardous alternative to the conventional kind unless their manufacturers go through the prohibitively expensive process of getting them approved as "modified risk tobacco products." The upshot is that e-cigarette companies are forbidden to be honest about the main benefits offered by their products, a form of censorship that is bound to retard the shift from smoking to vaping, thereby endangering lives that could have been saved by switching to a much less dangerous nicotine habit

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