CEA Industries (VAPE:NASDAQ)

  • CEA has recently acquired Fat Panda, a leading Canadian vape retailer, supported by a vertically integrated manufacturing and e-commerce presence.

  • Fat Panda has posted consistent growth over the last five years, growing revenue at a 38% CAGR and Adj. EBITDA at a 71% CAGR.

  • CEA paid $12.6M for the acquisition, equating to 2.1x Adj. EBITDA

  • The market has not yet digested this transformation, and as management executes, we expect the stock to re-rate.

Investment Summary

CEA Industries is a growth-oriented company focused on building category-leading businesses in regulated consumer markets. With a focus on the high-growth, Canadian nicotine vape industry, VAPE targets scalable operators with strong regulatory alignment, defensible market share, and high-margin business models. The Company provides capital, operational expertise, and strategic resources to accelerate retail expansion, strengthen e-commerce infrastructure, and drive long-term value creation.

Company Description

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