Hedgeyedocs.hedgeye.com/HE_Ballantyne_JUL2014.pdf · progression after e-cigs C) Vapor/tank growth...
22
Transcript of Hedgeyedocs.hedgeye.com/HE_Ballantyne_JUL2014.pdf · progression after e-cigs C) Vapor/tank growth...
![Page 1: Hedgeyedocs.hedgeye.com/HE_Ballantyne_JUL2014.pdf · progression after e-cigs C) Vapor/tank growth expected to continue to accelerate in 2014 C) Greater consumer satisfaction and](https://reader034.fdocuments.us/reader034/viewer/2022050304/5f6cd92690bef36bdf33df2e/html5/thumbnails/1.jpg)
![Page 2: Hedgeyedocs.hedgeye.com/HE_Ballantyne_JUL2014.pdf · progression after e-cigs C) Vapor/tank growth expected to continue to accelerate in 2014 C) Greater consumer satisfaction and](https://reader034.fdocuments.us/reader034/viewer/2022050304/5f6cd92690bef36bdf33df2e/html5/thumbnails/2.jpg)
![Page 3: Hedgeyedocs.hedgeye.com/HE_Ballantyne_JUL2014.pdf · progression after e-cigs C) Vapor/tank growth expected to continue to accelerate in 2014 C) Greater consumer satisfaction and](https://reader034.fdocuments.us/reader034/viewer/2022050304/5f6cd92690bef36bdf33df2e/html5/thumbnails/3.jpg)
![Page 4: Hedgeyedocs.hedgeye.com/HE_Ballantyne_JUL2014.pdf · progression after e-cigs C) Vapor/tank growth expected to continue to accelerate in 2014 C) Greater consumer satisfaction and](https://reader034.fdocuments.us/reader034/viewer/2022050304/5f6cd92690bef36bdf33df2e/html5/thumbnails/4.jpg)
![Page 5: Hedgeyedocs.hedgeye.com/HE_Ballantyne_JUL2014.pdf · progression after e-cigs C) Vapor/tank growth expected to continue to accelerate in 2014 C) Greater consumer satisfaction and](https://reader034.fdocuments.us/reader034/viewer/2022050304/5f6cd92690bef36bdf33df2e/html5/thumbnails/5.jpg)
![Page 6: Hedgeyedocs.hedgeye.com/HE_Ballantyne_JUL2014.pdf · progression after e-cigs C) Vapor/tank growth expected to continue to accelerate in 2014 C) Greater consumer satisfaction and](https://reader034.fdocuments.us/reader034/viewer/2022050304/5f6cd92690bef36bdf33df2e/html5/thumbnails/6.jpg)
![Page 7: Hedgeyedocs.hedgeye.com/HE_Ballantyne_JUL2014.pdf · progression after e-cigs C) Vapor/tank growth expected to continue to accelerate in 2014 C) Greater consumer satisfaction and](https://reader034.fdocuments.us/reader034/viewer/2022050304/5f6cd92690bef36bdf33df2e/html5/thumbnails/7.jpg)
![Page 8: Hedgeyedocs.hedgeye.com/HE_Ballantyne_JUL2014.pdf · progression after e-cigs C) Vapor/tank growth expected to continue to accelerate in 2014 C) Greater consumer satisfaction and](https://reader034.fdocuments.us/reader034/viewer/2022050304/5f6cd92690bef36bdf33df2e/html5/thumbnails/8.jpg)
![Page 9: Hedgeyedocs.hedgeye.com/HE_Ballantyne_JUL2014.pdf · progression after e-cigs C) Vapor/tank growth expected to continue to accelerate in 2014 C) Greater consumer satisfaction and](https://reader034.fdocuments.us/reader034/viewer/2022050304/5f6cd92690bef36bdf33df2e/html5/thumbnails/9.jpg)
![Page 10: Hedgeyedocs.hedgeye.com/HE_Ballantyne_JUL2014.pdf · progression after e-cigs C) Vapor/tank growth expected to continue to accelerate in 2014 C) Greater consumer satisfaction and](https://reader034.fdocuments.us/reader034/viewer/2022050304/5f6cd92690bef36bdf33df2e/html5/thumbnails/10.jpg)
![Page 11: Hedgeyedocs.hedgeye.com/HE_Ballantyne_JUL2014.pdf · progression after e-cigs C) Vapor/tank growth expected to continue to accelerate in 2014 C) Greater consumer satisfaction and](https://reader034.fdocuments.us/reader034/viewer/2022050304/5f6cd92690bef36bdf33df2e/html5/thumbnails/11.jpg)
![Page 12: Hedgeyedocs.hedgeye.com/HE_Ballantyne_JUL2014.pdf · progression after e-cigs C) Vapor/tank growth expected to continue to accelerate in 2014 C) Greater consumer satisfaction and](https://reader034.fdocuments.us/reader034/viewer/2022050304/5f6cd92690bef36bdf33df2e/html5/thumbnails/12.jpg)
![Page 13: Hedgeyedocs.hedgeye.com/HE_Ballantyne_JUL2014.pdf · progression after e-cigs C) Vapor/tank growth expected to continue to accelerate in 2014 C) Greater consumer satisfaction and](https://reader034.fdocuments.us/reader034/viewer/2022050304/5f6cd92690bef36bdf33df2e/html5/thumbnails/13.jpg)
![Page 14: Hedgeyedocs.hedgeye.com/HE_Ballantyne_JUL2014.pdf · progression after e-cigs C) Vapor/tank growth expected to continue to accelerate in 2014 C) Greater consumer satisfaction and](https://reader034.fdocuments.us/reader034/viewer/2022050304/5f6cd92690bef36bdf33df2e/html5/thumbnails/14.jpg)
![Page 15: Hedgeyedocs.hedgeye.com/HE_Ballantyne_JUL2014.pdf · progression after e-cigs C) Vapor/tank growth expected to continue to accelerate in 2014 C) Greater consumer satisfaction and](https://reader034.fdocuments.us/reader034/viewer/2022050304/5f6cd92690bef36bdf33df2e/html5/thumbnails/15.jpg)
![Page 16: Hedgeyedocs.hedgeye.com/HE_Ballantyne_JUL2014.pdf · progression after e-cigs C) Vapor/tank growth expected to continue to accelerate in 2014 C) Greater consumer satisfaction and](https://reader034.fdocuments.us/reader034/viewer/2022050304/5f6cd92690bef36bdf33df2e/html5/thumbnails/16.jpg)
![Page 17: Hedgeyedocs.hedgeye.com/HE_Ballantyne_JUL2014.pdf · progression after e-cigs C) Vapor/tank growth expected to continue to accelerate in 2014 C) Greater consumer satisfaction and](https://reader034.fdocuments.us/reader034/viewer/2022050304/5f6cd92690bef36bdf33df2e/html5/thumbnails/17.jpg)
![Page 18: Hedgeyedocs.hedgeye.com/HE_Ballantyne_JUL2014.pdf · progression after e-cigs C) Vapor/tank growth expected to continue to accelerate in 2014 C) Greater consumer satisfaction and](https://reader034.fdocuments.us/reader034/viewer/2022050304/5f6cd92690bef36bdf33df2e/html5/thumbnails/18.jpg)
![Page 19: Hedgeyedocs.hedgeye.com/HE_Ballantyne_JUL2014.pdf · progression after e-cigs C) Vapor/tank growth expected to continue to accelerate in 2014 C) Greater consumer satisfaction and](https://reader034.fdocuments.us/reader034/viewer/2022050304/5f6cd92690bef36bdf33df2e/html5/thumbnails/19.jpg)
![Page 20: Hedgeyedocs.hedgeye.com/HE_Ballantyne_JUL2014.pdf · progression after e-cigs C) Vapor/tank growth expected to continue to accelerate in 2014 C) Greater consumer satisfaction and](https://reader034.fdocuments.us/reader034/viewer/2022050304/5f6cd92690bef36bdf33df2e/html5/thumbnails/20.jpg)
![Page 21: Hedgeyedocs.hedgeye.com/HE_Ballantyne_JUL2014.pdf · progression after e-cigs C) Vapor/tank growth expected to continue to accelerate in 2014 C) Greater consumer satisfaction and](https://reader034.fdocuments.us/reader034/viewer/2022050304/5f6cd92690bef36bdf33df2e/html5/thumbnails/21.jpg)
![Page 22: Hedgeyedocs.hedgeye.com/HE_Ballantyne_JUL2014.pdf · progression after e-cigs C) Vapor/tank growth expected to continue to accelerate in 2014 C) Greater consumer satisfaction and](https://reader034.fdocuments.us/reader034/viewer/2022050304/5f6cd92690bef36bdf33df2e/html5/thumbnails/22.jpg)