CEA Industries completes CAD 18M acquisition of Fat Panda, largest Canadian vape retailer

CEA Industries Inc.

Purchase price CAD 18M ($12.6M USD): CAD 12.1M cash, 39,000 shares valued at CAD 700k, seller notes CAD 2.56M.
Funded partly by interim USD 4M loan due Dec 3, 2025, secured by all assets of CEA, AcquireCo, and Fat Panda.
Fat Panda operates 33 retail locations in Manitoba, Ontario, Saskatchewan, plus e-commerce; >50% regional market share.
CAD 2.6M placed in escrow for post-closing adjustments, indemnity, and employee-related matters.
Sellers to enter non-competition agreements; senior management will sign employment agreements.

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