Electronic cigarette sales have been exploding across the United States. By 2017 they are expected to reach over $10 billion annually. Though there is much debate regarding the regulation and distribution, parties on both sides of the fence can see that the economy will expand as a result.
Electronic cigarette sales have been steadily increasing over the last years. Analysts predict that sales from e-cigarette products could even surpass tobacco sales within the next ten years. With sales projected to top $1.5 billion this year, it is becoming obvious that this industry is booming. Business owners feel that they are helping the economy by providing jobs and sales. Businesses are seeing exploding sales which can be processed easily with an e-cig merchant account.
Lawmakers and regulators were seemingly caught off guard with the success of the industry. The rapid growth has sent them scrambling to figure out legislation and regulation for electronic cigarette based products.
The rapid growth has also caught the attention of industry leaders who have recently banded together to represent the interests of the industry. The Smoke-Free Alternative Trade Association was created in 2012 and is composed of companies with interest in the electronic cigarette and vaping industry. This year alone SFATA added 102 members making its total 171 companies.
It is clear that there is a major market for this industry. With billions of dollars at stake the SFATA seeks to represent the industry and ensure that growth is not stagnated by any new regulations. The SFATA however does support the ban of sales of products to minors and efforts to standardize the products and labeling. What the organization does not support is using the same regulations for electronic cigarette products as traditional tobacco.
The Food and Drug Administration found inconclusive results regarding the health implications of e-cigarettes, though it plans to impose regulations related to the manufacturing and sale of e-cigarette products.
If you’re in the market for an e-cig merchant account, contact us today!