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The Center for Disease Control & Prevention has confirmed 530 cases of mysterious lung illnesses tied to vaping, along with 9 deaths. Here's how the suppliers to this fast-growing pot segment of the burgeoning cannabis sector performed in September.

To put things in perspective, according to investment firm GMP Securities, extracts stand to make up at least half of the Canadian market over time and the creme-de-la-creme of derivative products is expected to be vape pens, with 20% of the total market. If Arcview and BDS Analytics are correct with their estimate of close to $5 billion in total Canadian pot sales by 2024, and GMP is right about vapes being the dominant derivative, we're talking about at least a $1 billion vape market in Canada, and presumably a multi-billion dollar vape market in the United States.

It's pretty clear that vape-related health concerns aren't going away anytime soon, and that it's liable to take researchers time to figure out what's behind these mysterious lung illnesses. That creates a scenario where there will be (at least in the near term) clear losers, and winners, in the North American cannabis space.

There are two primary ways to play the cannabis vape market. They can either choose to buy the vaporizer manufacturers and suppliers, or go after the recurring revenue provided by the extract suppliers. No matter investors' preference, there are a handful of must-know cannabis vape stocks.

Cannabis Extract Suppliers

Potentially the most high-profile of all the vape extract companies will be:

1. Cronos Group (Nasdaq:CRON), which is 45% owned by Altria which also has a 35% stake in popular vape device maker Juul
   • -17.9% in September
2. The Supreme Cannabis Company (OTC:SPRWF) is another must-know extract provider in the vape space.
   • -12.7% in September

In summary, the above 2 pure-play cannabis stocks declined, on average, by 17.4% in September.

Marijuana Vaporizer Manufacturers

Without question, vape device makers look to be at the highest risk of seeing negative repercussions from the ongoing health scare in the United States.

1. KushCo Holdings (OTC:KSHB), a vaping device manufacturers and parts providers, derives 69% of its business from vaporizers.
   • -60.5% in September
2. VPR Brands (OTCPK:VPRB) designs, markets, and distributes a line of electronic cigarette e liquids for sale primarily in the U.S..
   • -55.6% in September
3. Greenlane Holdings (Nasdaq:GNLN) with 80% of the company's business coming from its vaporizer products. 
   • -45.3% in September
4. mCig Inc (OTCMKTS:MCIG) makes vaporizers from Pyrex glass rather than plastic which supposedly promote a cleaner taste.
   • -40.0% in September
5. Turning Point Brands' (NYSE:TPB) NewGen division, sells vaping and e-cigarette products which make up nearly half the company’s sales.
   • -35.6% in September
6. Organigram Holdings Inc. (TSXV: OGI) (Nasdaq:OGI) will distribute disposable vaporizer pens and 5/10 thread cartridges from Feather Company Ltd. beginning in October when it becomes legal to do so in Canada.
   • -18.3% in September
7. Wee-Cig (OTCPK:WCIG) designs, develops, manufactures and markets e-cigarettes and vaporizers.
   • share price unchanged in September
8. Namaste Technologies Inc. (OTCQB:NXTTF) don't manufacture the devices, they just distribute and market them.
   • +5.9% in September
9. Vector Group Ltd (NYSE:VGR) would be considered the “in-betweener” of vaporizer stocks because, while its primary business centers around its traditional cigarettes (of which it is the fourth-biggest manufacturer in the U.S.), its Zoom E-Cigs LLC subsidiary produces “closed system” e-cigarettes (vaporizers) that contain the addictive nicotine substance which produces a captive audience as nicotine flavors also appeals to traditional smokers and, therefore, VGR is a play on both the technology of vaporizers and the bigger market of “analog” smokers.
   • +10.3% in September

I summary, the above 9 "vape" stocks declined, on average,by 28.6% in September.

Big Tobacco Manufacturers/Marketers

The biggest names in publicly traded vape stocks come from the biggest cigarette brands because these companies own some of the most well-known and popular vape products available today.

1. Altria (NYSE:MO) bought a 35% stake in JUUL (a privately owned company) which has a 75% market share in the U.S..
   • -6.5% in September
2. Imperial Brands (OTC:IMBBY) bought a 19.9% stake in Auxly Cannabis Group Inc.(TSXV: XLY) which gets licenses for Imperial’s vaping technology and access to its vapor innovation business, Nerudia, and also becomes Imperial’s exclusive international partner for the future development of cannabis products.
   • -13.0% in September
3. British American Tobacco (NYSE:BTI) completed its purchase of Reynolds American in mid-2017 which gave BTI the Vuse platform of e-cigarettes, adding to the company's existing Vype brand. It also has other brands such as Ten Motives and Chic Group, which all hold strong positions in different countries.
   • +5.1% in September  
4. Pyxus International Inc. (NYSE:PYX) primarily supplies tobacco leaf to cigarette makers but it has been drawing attention for its new line of hemp-based CBD products under its Korent brand. It also sells a range of E-Liquids.
   • - 2.2% in September
5. Japan Tobacco International (OTC:JAPAY) is a global leader in vaping with strong presence in major vaping markets such as the U.S., the U.K., France, Italy and Japan and offers two specific products in “T-Vapor,” otherwise known as tobacco-infused vapor, and E-Vapor categories.
   • +3.9% in September

In summary, the above 5 vape-related tobacco stocks, on average, declined 3.4% in September.

Will the vaping crisis bring down the pot sector? Well, according to Rahul Sarugaser, an analyst with Raymond James who delivered a report to clients on the issue this past Monday that the long-term impact of the vaping crisis on cannabis companies should be minimal saying: “We expect companies that have seen their stock prices decline more than the market average on account of the US crisis are likely to bounce back.”