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there simply would never have been a nicotine-user rate anywhere near 29% amongst 18-24-year-olds today if vapes had not been introduced more than 10 years ago in a completely unregulated fashion

The other big M&A move affecting tobacco stocks was the merger of beer giants SABMiller and Anheuser-Busch InBev (BUD +1.49%)

He adds that previous research suggests that the deterrent of plain packaging would be most powerful among children and young people, or those who believe they are smoking "healthier" cigarettes

They are mostly machine-made, more affordable than cigarettes, and may or may not have filters or tips