Yep mostly true without doubt and one or two maybe's. I'm a retailer, not a professional vape retailer. If regulation were to come in preventing me from stocking goods that people presently want, I would take a view but most probably close up as I would not want to retail these brands as they offer a low-rent solution IMO.
The micro level as you put it, is relevant because the Bloomberg and Wells Fargo predictions are completely inconsistent with untracked sales data, which independents have knowledge of. $1m in-store is not uncommon for the busier big-city specialists and that is far and above per store revenue averages from tracked sales. Average basket and repeat custom is also considerably higher.
Anyway I can see you are not really that interested in little old mom and pop stores but actually we are the heartbeat of the industry, not these reversed-merged mining corporation bullshit artists.