VAPE: Undervalued Opportunity in the High-Growth Vape Sector

What you need to know: • 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. CEA Industries ...