EDIT:
In the comments section Greg Conley head of the AVA (American Vaping Association) writes:
"That fiscal note is dead wrong and the Department of Revenue should revise it.
According to data compiled by Management Science Assosications, Nielsen Convenience, TTB, and USDA, 82.8% of sales of vapor sales in Minnesota are e-liquid. When you add in untracked channels (i.e., vape shops), that likely means that NINETY percent-plus of vapor sales in Minnesota are e-liquid.
This is based off data for the 12 weeks leading up to February 21, 2015"