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Difficult to handicap what the FDA will do and what happens to new gen. If TPB gets products approved and small players do not then it will be TPB and the big boys and thats it. Maybe new gen will be worth it. Efremov comments on last call that there will be no more vape pmta only modern oral.

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Great writeup. One thing to keep in mind is the share buybacks and the dividend - which makes the company much more attractive.

Since PM bought out Swedish Match, which had planned a spin-off with their cigar business, that the new CEO (who has a lot of experience in M&A), can buy that for a decent price.

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