It's VG.
Is it safe? The only glycerine that is known to be 'safe' is that which is labeled:
Glycerin, USP
If it has any variation, such as 'Pure Glycerin, USP' or 'Kosher Glycerine, USP' then it isn't pharma grade and could have been made anyhow and contain anything, as only the material labeled
exactly as above is regulated in any way. As regards exactly how safe any of it is to inhale: we don't know. There isn't any published research on this, it would require long-term clinical trials and nobody's paying. It's almost certainly safer than inhaling smoke but almost certainly less safe than inhaling pure air.
If you're going to inhale large quantities of something over a long period of time, trying to save a dollar here or there when that might mean using low-quality materials does not seem a wise policy. But it's your choice of course.
Please see this post for more info about VG:
http://www.e-cigarette-forum.com/forum/diy-e-liquid/52669-pg-vg-labeling-purity-please-read.html
