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While the North American e-cigarette market is expected to grow from $1.08 billion in 2025 to a higher level by 2030 (CAGR of 5.54%, per Statista), illicit products (accounting for 86% of market share) severely erode the growth potential of legal companies, causing pricing pressure for Altrias NJOY and making substantial R&D and regulatory compliance investments difficult to yield expected returns

Brody AL et al (2006) Cigarette smoking saturates brain alpha 4 beta 2 nicotinic acetylcholine receptors

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