Nicotine is dirt cheap. Here [1], you or I could buy 5 gallons of 100mg/ml liquid base for $750. Typical eliquid is sold in 3-6 mg/ml, so that could be diluted to produce 420 liters of ejuice. A 60ml bottle of juice sells for ~$25 on the high end; simple math leads to six figures of revenue from that single jug.

Of course, none of that includes flavoring. Flavoring, and the process, clean rooms, scientific equipment, that's the actual expensive part and why you'd never actually see those six figures. The nicotine itself is pretty much a rounding error in the total cost of the product.

[1] https://liquidnicotinewholesalers.com/100mg-nicotine-liquid....