Big Tobacco is winning big. And no, that’s not just because the giants are selling more cigarettes and rolling tobacco. They’re also making serious gains in the vaping market.

A quick look at the winning brands says it all. Vype (BAT), Logic (JTI) and Altria-backed Juul have all enjoyed substantial growth. [...] So why has Big Tobacco cashed in? What does it say about the vaping market? And how are smaller rivals fighting back against the dominance of the major brands?