IF MANY question

I’m using the following formula to take a value from a single select field {Products} and store a code.

IF(
	{Products}='Example Product',
	'EP',
	IF(
		{Products}='Example Lite',
		'EL',
		IF(
			{Products}='Example Any',
			'EA',
			IF(
				{Products}='Some Ref',
				'SR',
				IF(
					{Products}='Some Cloud',
					'SC',
					IF(
						{Products}='Any Sample',
						'AS',
						IF(
							{Products}='Good Sample',
							'GS',
							IF(
								{Products}='Part Pro',
								'PP',
								IF(
									{Products}='Example Reg',
									'ER'
									)
								)
							)
						)
					)
				)
			)
		)
	)

I need to change the {Products} field from a single select to a multi select and therefore allow multiple products. The formula should store one or more product codes. Is it possible to adapt the formula to support that? Many thanks!