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Disposable vaping devices have grown in popularity in recent years in the UK

Below is the upside case: US doesnt ban menthol Share gains drive NGP revenues at 20% CAGR, to 13b GBP in 2030 55% incremental margins in NGP, creating 36% terminal operating margin (still a little lower than the company average) Flat 51% margins in combustibles with no menthol ban Stock trades at near market-ish multiple of 15x on substantial NGP transition The above are very much possible

Value Added Tax: A vendor who sends for sale by auction any chattel(s) an asset of business must disclose to us whether or not [s]he has a registered VAT number, and thus the number

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Repeat purchase rates are high among RYO customers, and the included rolling papers reduce the need for customers to add a separate paper purchase, simplifying transactions at the counter