Amercia

Capital is reassessing the global tobacco and modern nicotine industry as heated tobacco, vaping and nicotine pouches reshape demand, profitability and regulation. At the 2026 New Approaches Summit in New York, investors and analysts examined whether smoke-free growth can sustain earnings, how regulation shapes startup value, and whether shareholder engagement can be more effective than divestment. The debate points to a broader shift: tobacco transition is increasingly becoming a capital-allocation, governance and valuation question.

Ahead of the 2026 NACS Show, 2Firsts interviewed Chris Rapanick, NACS managing director of research, on changes reshaping the U.S. convenience-store tobacco and nicotine market. NACS data show cigarette sales declining while smokeless alternatives, including nicotine pouches, continue to grow. The interview also examines higher OTP margins, shifting backbar space, weaker store traffic, regulatory uncertainty and NACS’ outlook for 2027, offering a retailer-side view of one of the world’s largest nicotine markets.

New research from Virginia Commonwealth University (VCU) found microbial contamination — including coliform, a bacteria indicating fecal exposure — in some vaping devices confiscated from U.S. schools. However, researchers stressed that newly purchased, unopened vapes showed no such contamination. The findings point to risks linked to unregulated products and improper storage conditions, reinforcing the importance of regulated supply chains and product authentication.

Heno Bio, a leading global manufacturer of natural nicotine, announced that with the support of 2Firsts, it has successfully completed the submission and registration of TPMF documents under the supervision of the US FDA and obtained the TPMF STN (Submission Tracking Number). This means that Heno Bio's TPMF documents have passed the FDA's format and preliminary scientific review.