UBS e-Cigarette Industry Analysis (PDF)


Now that e-cigarettes have hit the big time with Lorillard’s acquisition of blu Cigs, financial institutions are starting to take note.  Both UBS and Wells Fargo have issued investment reports on the e-cigarette industry.  The reports are similar and draw very similar conclusions.

  • The e-cigarette industry has grown rapidly
  • The FDA is a wild card because it has yet to finalize regulations
  • The industry is very disjointed and consolidation is highly likely
  • The convenience store industry is the battleground for e-cigarette adoption
  • Ruyan’s ecig patent may prove to be a thorn in the side of e-cigarette companies

If you’re a fan of stats and charts and things, you might want to download these reports.  If you’re at all interested in the industry, these are a good read as well.  Neither of these reports talks about the aftermarket or advanced model segment, they pretty much focus entirely on the big box, name brand e-cigarette companies.

UBS Report (PDF)

Wells Fargo Report (PDF)


Steve K

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