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Silver Rectangular silver cigarette case Located in Porto, PT Description: Rectangular silver cigarette case with longitudinal bands on the hinged lid

2003 Chinese pharmacist Hon Lik produces the first generation of e-cigarettes known as the Cig-A-Like. 2004 While attending Stanford University, James Monsees and Adam Bowen create Ploom, which is now known as JUUL

These are both made from steel through a cold hammering die process, where they are cut and stamped into shape (Smith)

However, near-term risks such as potential demand down-trading to illicit or cheaper products, regulatory uncertainty, and ESG-related investment constraints should be kept in mind, he added