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The key here is the inelastic nature of demand in the premium and mid-segment categories, which gives companies pricing power without materially impacting volumes

Max VG liquids are typically 80% VG or higher and are designed for large clouds and very smooth hits in high-powered devices

According to a study by Humeniuk et al

This includes banning celebrity endorsements of surrogate products like pan masala when linked to tobacco, imposing penalties for violations, and mandating clear disclosures about the association between such products and tobacco

Pujades-Rodriguez M, George J, Shah AD, Rapsomaniki E, Denaxas S, West R, Smeeth L, Timmis A, Hemingway H