The MRTP submission is real. The 'modified risk' label will be meaningful. In the end, the investment is predicated on MRTP approval. It's a long process and you have to read the data to have a full understanding that the clinical research and bench studies clearly support 'reduced risk' assumption. Whether or not they get the approval is a waiting game. But, while on the surface it seems not likely the FDA would grant MRTP, be aware that IQOS has MRTP. So in fact, it's within the realms of possibility MRTP will be granted. IMO, it is probable based on the science. I think this is less of a 'faith based investment' and more of a science based one.
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