Also, we still don't know whether MRTP applications are ever going to be successful (waiting on the Swedish Match case), but imagine a scenario in which, say, iQos is approved as MRTP, but no vaping products are.
Not an impossibility, given that HnB is going to be monopolised by the TI. Ploom is now owned by JTI, PMI/Altria have launched iQos in test markets, and Reynolds is reviving Premier. I doubt vaping devices will ever be submitted, as the market's too fractured for it to be a commercial advantage for anyone to do the research/submission.