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Notes -
(I prefer the smell of vaping to cigarettes given it's vaguely fruit-like)
I heard a conspiracy theory that a bunch of states had made a considerable investments in cigarette tax revenue, that there was some kind of deal where states had dealt with their pension liabilities by allocating tobacco tax revenue there. If cigarettes lost market share to products that couldn't reasonably be so heavily taxed, that would be a loss of revenue. So the 'very-tobacco-like stuff' is a source of revenue and encouraged, even as it's restricted. I can't find any evidence to back this up though.
If we're putting our tinfoil hats on, I've been suspecting that all the anti-vaping PSAs and advertising from the past few years may have had quite a bit of help from Big Tobacco.
This is a conspiracy theory I won’t believe because vaping products are, if you trace it back, often produced by big tobacco.
Ah, but what if they’re trying to make it verboten to capture the youth?
Literally can’t go tits up
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Indian tobacco lobbyists managed to get vapes banned in the country, so I think assuming a similar dynamic in the States wouldn't be off the mark. As always, follow the incentives.
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I remember it got even weirder with states selling off their in-perpetuity settlements to wall street for cash now through various bonds. An old propublica article from 2014. You'll find various stories about refinancing and bailing out of various state/municipal tobacco payment bonds throughout the years in local papers or on the wires.
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