Fifteen years ago, a Chinese pharmacist sparked a global innovation race to end smoking by inventing a safer, more appealing way for smokers to get the nicotine they desire without the smoke that may kill them–the modern day e-cigarette.

Thousands of companies are now creating jobs and wealth competing to make quitting cigarettes easier, cheaper and more enjoyable. But smokers trying to switch to vaping face a host of obstacles. FDA regulation threatens to wipe out most e-cigarette businesses in a matter of years. [...]