You’re pretty much paying for convenience and consistency. Juul is not the greatest or cheapest way to vape. But it is the lowest-time-commitment way to vape (p

You’re pretty much paying for convenience and consistency. Juul is not the greatest or cheapest way to vape. But it is the lowest-time-commitment way to vape (pod systems are no fuss, and then juul has both brick-and-mortar footprint along with online maturity that rivals don’t have and can’t be built overnight). And every pod is going to roughly smoke the same. This isn’t going to break down the same way for every vaper, but there is going to be a large (probably majority) marketshare who this appeals to. I think the Altria deal hints at the next phase which is probably to leverage lobbying and government to build a regulatory moat.