Except that theory would be completely ignoring the fact that
tobacco companies had already been developing and increasing marketing budgets for innovative smoke-free
tobacco products (to counter the vilification of smoking and smokers and accommodate their customers) long before e-cigarettes hit the market. E-cigarettes are just one more product - one that is being accepted by smokers in far greater numbers than smoke-free snus, strips, sticks and lozenges - that they can offer their customers as a a low-risk alternative. It's a dream product for them that could replace the lost revenue from people quitting cigarettes in a way their other smoke-free products never could. The fact that e-cigarettes are
tobacco leaf-free and don't have the same stigma as tobacco products is a definite bonus, because those millions of smokers who still believe smoke-free tobacco is as bad as smoking are probably more inclined to trust something that is "clean nicotine" and doesn't contain tobacco leaves.