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As another indicator of FDAs intentions, the agencys guidance on nonclinical testing of inhaled nicotine drug products provides some insight into the requirements for sponsors seeking to market ENDS as drugs: toxicology testing and submission of information on components of the product, inhalation studies, assessment of product impurities, etc

However, even most states quickly adopted similar provisions in their own laws and constitutions

Pre-tax profits grew by ~11% per year, and with almost zero reinvestment required, what was left post-tax essentially all converted to free cash flow

The regulatory landscape may evolve as the EU develops policies for new nicotine products

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