According to a report by Finance.Yahoo on February 12th, CEA Industries Inc. has announced that it has signed an agreement to acquire Canadian e-cigarette retailer and manufacturer Fat Panda for a total price of 18 million Canadian dollars (approximately 12.6 million US dollars).
According to reports, Fat Panda Company is the largest e-cigarette product retailer and manufacturer in central Canada, with a market share of over 50% in the region. The company operates 33 retail stores in Manitoba, Ontario, and Saskatchewan provinces, and also serves numerous customers through its online e-commerce platform.
Tony McDonald, CEO of CEA, stated, "Through this acquisition of Fat Panda, we are officially entering the high-demand e-cigarette industry in Canada. Fat Panda's market leadership in central Canada is creating valuable long-term value for us.
After the acquisition is completed, the current management team, as well as the production and retail staff of Fat Panda, will remain in their positions to ensure the normal operation of the business. The acquisition is expected to be completed in the first half of 2025.
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