market share of 3.2%, roughly 10% of JUUL’s current U.S. market share. Figure 95 Vapor Will Be Smaller, But Can Grow To Almost $400 MM Figure 96 Our E-Cig Model Assumes Revenues Of ~$11 BN By 2020 U.S. CBD Vape Sales ($ in mm) U.S. E-Cigarette Sales ($ in bn) $12.0 $11.1 $400 I $360 $350 I $10.0 $87 $300 : ain 56.6 $