The US vape industry is undergoing the most significant market restructuring since e-cigarettes entered the mainstream a decade ago. The combination of Schumer's FDA ultimatum, October 1 state law activations, accelerated PMTA reviews, and ongoing customs seizures is creating a "compliant oligopoly" — a market where large tobacco companies with FDA-authorized products dominate a shrinking but legal market while unauthorized brands are systematically squeezed out. For investors, retailers, and co