Electronic Nicotine Delivery Systems (ENDS): an …

Electronic NicotineDelivery Systems ( ends ): an updateon a rapidly evolvingvapour marketJanuary 2017 report 2 This report has been prepared by Ernst & Young LLP in accordance with an engagement agreementfor professional services with Nicoventures Holdings Limited. Ernst & Young LLP s obligations toNicoventures Holdings Limited are governed by that engagement agreement. This disclaimer appliesto all other parties (including Nicoventures Holdings Limited s affiliates and advisors).Nicoventures Holdings Limited is wholly owned by British American Tobacco Plc. Ernst & Young LLP isa limited liability partnership registered in England and Wales with registered number report has been prepared for general informational purposes only and is not intended to be reliedupon as accounting, tax, or other professional advice. Refer to your advisors for specific & Young LLP accepts no responsibility to update this report in light of subsequent events or forany other report does not constitute a recommendation or endorsement by Ernst & Young LLP to invest in,sell, or otherwise use any of the markets or companies referred to in the fullest extent permitted by law, Ernst & Young LLP and its members, employees and agents donot accept or assume any responsibility or liability in respect of this report , or decisions based on it, toany reader of the report .

Background to the study In May 2016, EY published a report on trends in the market for e-cigarettes – sometimes known as electronic cigarettes, vaping products, or electronic nicotine delivery systems (ENDS).

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  System, Report, Electronic, Delivery, Ends, Nicotine, Electronic nicotine delivery systems

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