With industry consolidation still ongoing in the tobacco industry, and the close ties all the global cigarette giants have with one another, buying the stocks of just one or two gives you exposure to a full portfolio of combustible cigarette alternatives.British American Tobacco (NYSEMKT:BTI), for example, is in the process of buying Reynolds-American (NYSE:RAI) (a company in which it already had a 42% stake) in no small part because of the latter's market-leading e-cigarette devices.Philip Morris International (NYSE:PM), which was once part of Altria (NYSE:MO), still has close ties with its former parent (and rumors abound that one may yet buy the other), and they continue to forge deals to globally market e-cig products together under the Marlboro brand.However, although it was an early entrant in the e-cigarette segment with its MarkTen brand, and thanks to its purchase of Green Smokes, Altria has always seemed something of an afterthought in the space.So, given that buying any one stock is pretty much getting a two-fer, so let's see what the three e-cig leaders bring to the table.

When British American Tobacco completes its acquisition of Reynolds, it will vault ahead of Philip Morris to become the biggest tobacco company.It has several cigarette alternatives on the market now, but like many in the industry, it is betting that heat-not-burn (HNB) technology will be the next big advance in the niche.Unlike traditional cigarettes, which of course burn tobacco to drive the flavor and nicotine to the smoker, or earlier versions of electronic cigarettes that heat a nicotine-infused liquid, HNB devices heat real tobacco to the point of creating a vapor that delivers the taste and nicotine to the user.Because that vapor doesn't contain the toxic chemicals released when tobacco is burned, they're a healthier alternative.And they provide manufacturers with a steady stream of recurring revenue since the tobacco-filled "cigarette" must be replaced after use.BAT rolled out its HNB product -- the iFuse glo -- first in Japan.The company noted in its preliminary earnings report that in the 10 weeks the iFuse glo has been on the market there, its consumables had quickly gained a 5.4% share.

A worldwide launch is planned.BAT is currently in 12 markets with its various e-cig devices -- it markets traditional and hybrid e-cigs under the iFuse brand too -- and it plans to double the number of markets where they're present this year with a goal of doubling them again in 2018.It is marketing the glo's disposable Neostik cigarettes under the Kent brand, and has invested more than $1 billion in building a completely new next-generation product division.Reynolds was an early player in the electronic cigarette game.It purchased blu eCig for $135 million in 2012 and built it into the biggest brand on the market with about 50% of the total share, then sold it to Imperial Tobacco as part of a package deal to avoid anticompetitive issues when it purchased Lorillard.By then, however, Reynolds was already investing heavily in its Vuse e-cig product, which has since become the market leader in the U.S.with a 38% share -- more than twice that of blu, which has fallen to 16%.Altria's MarkTen has slipped to third place with a 13% share.

It is currently working on a new HNB device called Core, but Reynolds was actually first in this space too, having introduced the Eclipse back in the early 1990s, though it was ahead of its time and didn't go anywhere.best e juice vaporizer penIt attempted to relaunch the product again in 2014, this time rebranding it as Revo, but that, too, came to naught.best vaporizer aliexpressWhether it will have any more success with Core remains to be seen, but word is that this new technology that has piqued British American Tobacco's interest, and is one impetus for their merger.best vaporizer quality priceGlobal tobacco industry heavyweight Philip Morris International is also a leader in electronic cigarettes with its iQOS device, a rechargeable, pen-like device into which a short, cigarette-like product is inserted.kijiji gta vaporizer

Like BAT's Kent Neosticks, Philip Morris is marketing its consumable HeatSticks under the Marlboro brand.portable vaporizer listThe device really changed how people viewed e-cigs -- which had begun to see their popularity wane -- because it relied upon real tobacco for flavor rather than a flavored e-liquid.macau e cigaretteSince it was closer to the smoking experience users were looking for, it quickly gained in popularity, and PM is urgently planning for "a smoke-free future."topoo vaporizer vp 250Philip Morris may quickly come to dominate the U.S.topoo vaporizer ebayelectronic cigarette market, and effectively stub out all competition, if it wins FDA approval for a "reduced-risk" designation.vaporizer stores houston

Though it seems obvious that e-cigs and vapor products generally would be less unhealthful than traditional cigarettes, manufacturers can't market them as a safer alternative without first showing proof to regulators that they really are less dangerous.That's a lengthy and expensive process, one that only the biggest tobacco companies can afford.It's reported that PM's application was 2 million pages long, yet it may give Philip Morris the chance to be the first to earn the ability to tell consumers its e-cigs are safer, a development that could give it a huge competitive advantage and change how electronic cigarettes are seen.Best Tobacco & Cigarette Stocks for 2016 - TheStreet Ratings Top Rated Stocks RSS Feed for Best Tobacco & Cigarette Stocks for 2016 Every day TheStreet Ratings produces a list of the top rated stocks.The stocks are considered to be the best in the tobacco industry.Equity Top: Tobacco Source: TheStreet Ratings Market Activity PM RAI MO LO UVV VGR BTI AOI Best Investments for Best Stocks for Best Mutual Funds for Best ETFs for Tobacco Philip Morris to Build $320 Million Smoke-Free Product FactoryWe Could Be Nearing a Generation That Doesn't Smoke Cigarettes, New Study HintsHere's How Shares of British American Tobacco Could Still Get SmokedAmazon is the Anti-Trump Stock: Cramer's 'Mad Money' Recap (Tuesday 5/30/17)FDA Begins Review of Modified Philip Morris Risk Tobacco ProductPhillip Morris Stock Gains on Bullish Piper Jaffray InitiationLife Insurance Isn't a Lost Cause for Those With Spotty Health HistoryHeat rising in Hong Kong's war on tobaccoWhy Hong Kong needs higher, not lower, electricity tariffsHong Kong vendors warn of protests if larger warnings are printed on cigarette packsVector Group Ready to Light It Up; The Chart is Smokin'Collect Smokin' Hot Profits From This Marijuana BiotechWhy Hong Kong is the answer to China's problemsGeneral Motors 1 of 6 Picks for Main Street InvestorsImperial Tobacco Likely a Beneficiary of Tobacco Tax Changes in U.K.