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Company Overview
CEA Industries Inc. (NASDAQ: BNS) is a U.S.-listed company with diversified operations focused on the regulated vape and cultivation infrastructure sectors. Its flagship subsidiary, Fat Panda, is the largest retailer and manufacturer of e-cigarettes and vape products in central Canada. With a vertically integrated model, an expanding retail network, and a data-driven approach to growth, the company is well-positioned within a legalized and regulated industry.
CEA INDUSTRIES (nasdaq: BNS)
About Fat Panda
Canada’s Vape Retail Leader
Fat Panda operates 33 company-owned retail stores across Manitoba, Ontario, and Saskatchewan. Its market share exceeds 50% in central Canada, driven by a strong brand presence, in-house product development, and compliance with Canada’s Tobacco and Vaping Products Act (TVPA).
The company offers a broad portfolio of e-cigarettes, vape hardware, and proprietary e-liquids manufactured in its ISO-certified facility. Fat Panda’s direct-to-consumer and wholesale model is complemented by a robust e-commerce platform that serves customers across Canada, enhancing distribution and brand recognition.
Operating Within Canada’s Legal Framework
Unlike many global jurisdictions, Canada enforces a clear and regulated framework for vaping products under the TVPA. This law includes strict product safety standards, youth protection policies, and restrictions on advertising and labeling. These regulations create high barriers to entry and favor compliant, established operators like Fat Panda.
Globally, the vapor category is the fastest-growing nicotine segment, with a projected compound annual growth rate (CAGR) of over 35% from 2024–2030. Canada, in particular, saw a 13% YoY increase in vapor sales in 2023, outperforming global trends. [Sources: UBS, BofA Tobacco Reports]
cea industries (NASDAQ: BNS)
Proven Financial Growth
Fat Panda reported CAD $38.5 million in revenue in FY 2024, a 14% year-over-year increase. Adjusted EBITDA reached CAD $8.0 million, reflecting a 16% YoY increase and contributing to a gross margin of 39%.
The company also saw a 126% rise in net income over the prior year.
These results underscore the effectiveness of its vertically integrated model and retail expansion strategy. With a balanced approach to growth and operational discipline, Fat Panda continues to scale within a stable regulatory ecosystem.
Built for Scalability
The company’s operations span retail, wholesale, and online channels, all supported by its own R&D lab and ISO-certified manufacturing.
This end-to-end control enables fast product innovation, margin optimization, and consistent customer experience across touchpoints.
Fat Panda also owns a portfolio of trademarks and proprietary formulations, reinforcing its brand position and regulatory defensibility in a tightly monitored market.
Introducing the CEA Industries Board of Directors
(NASDAQ: BNS)
Tony McDonald - Chairman of the Board & CEO
Mr. McDonald is Chairman & Chief Executive Officer of CEA Industries Inc. (previously Surna Inc.), as well as President of its subsidiary Surna Cultivation Technologies LLC. He joined the Board of Directors of Surna Inc. in 2018 and was appointed CEO later that year. Prior to joining Surna he led sales and business development as National Sales Director for Seeley International and as Vice-President-Sales for Coolerado Corp., a manufacturer and marketer of innovative, energy-efficient environmental control systems. He led the sales of the company, growing revenue from near zero to become an INC. 600 high-growth company award winner. Along with the company’s CEO, he was instrumental in securing growth equity funding from a cleantech investment fund.
The company was later acquired by a large strategic competitor. Mr. McDonald’s recent career work has included the cleantech, energy efficiency and HVAC industries. He is also the author of Cleantech Sell: The Essential Guide To Selling Resource Efficient Products In The B2B Market. Prior to joining Coolerado, Mr. McDonald spent over ten years in private equity and M&A where he was involved in numerous transactions in the technology, manufacturing, and power development industries. As a business development officer with private equity acquisitions groups, and later as founder and principal of a specialty M&A finance firm, he identified, financed or acquired numerous transactions with total enterprise value of several hundred million dollars. Mr. McDonald was previously a consultant to international banks with KMPG’s Financial Services Practice and served on the Board of Directors of Keating Capital, Inc., a publicly-traded business development company that made investments in pre-IPO companies. He has served as a mentor for companies in the CleanTech Open and as a judge in the competition. Mr. McDonald is a U.S. Army veteran and former Cavalry officer. He earned a B.S. degree in Engineering and Economics from the U.S. Military Academy at West Point, N.Y. and an M.B.A. degree from the Harvard Business School.
Randy Shipley - Independent Director
Randy Shipley is the Chief Strategy Officer of RSX Enterprises Inc. RSX Enterprises Inc. provides supply chain management and solutions to cultivation operations through a cooperative of industry leaders in environmental services, lighting, building structures and green technologies that assists cultivators in fast-start build-outs with maximum ROI. A industry veteran, Randy turned in 2014 towards what he believes is the largest growth industry opportunity in the world – the industry. He was a founder of the Investor Summit, held appropriately on 4/20/2015 in Denver where the first Pitch was held before an audience of 1000+.
This helped launch other summits and expos each featuring educational workshops including the World in Las Vegas, the California Business Expo, and the Capital Summit in Las Vegas. He successfully exited this business with the sale of his businesses to MJIC Inc where he served as Chairman and President. Previously, Randy was an officer and chief revenue officer with Carrier Access Corporation (CACS) which went public in 1998 on the NASDAQ leading the company in market growth from $68M to a high of $2.2B in twelve months where CACS was recognized as the fastest growing IPO on the NASDAQ.
Prior to Carrier Access, Randy worked at Williams Companies in their telecommunications divisions where he launched and participated in multiple product launches that exceeded more than $100M in revenues including their carrier, Frame Relay, and ATM services while leading their executive accounts team that provided services to Fortune 100 companies including IBM, Comdisco, Compuserve and others.
Nick Etten - Independent Director
Nick Etten is the CEO of Lone Star Bioscience, a Texas-based medical company. With over 7 years in the industry, he previously served as the Head of Government Affairs at Acreage Holdings, a vertically integrated, multi-state operator of licenses and assets in the U.S. Nick is also the Founder and Chairman of the Veterans Project (VCP), an organization dedicated to advocating on behalf of access issues for U.S. military veterans.
His career has been focused on the growth equity market, and previous positions include Vice President of Global Business Development for FreightWatch International (successfully sold to UTC), Director of Corporate Development for Triple Canopy (a zero to $150M revenue company in two years), and investment professional at Trident Capital, where he focused on the cyber-security space and led over $100M in investments.
Earlier in his career, Nick was an investment banker at Thomas Weisel Partners, where he participated in more than 20 IPOs totaling over $1B raised and served on active duty as a U.S. Navy SEAL officer. He earned an MBA from the J.L. Kellogg Graduate School of Management at Northwestern University and a BS in political science from the United States Naval Academy. Nick lives in the Chicago area with his wife and two young sons.
Marion Mariathasan - Independent Director
Marion Mariathasan is the CEO and Co-Founder of Simplifya LLC (www.simplifya.com), the industry’s leading regulatory and operational compliance software platform. The company’s suite of products takes the guesswork out of confusing and continually changing state and local regulations.
Featuring SOPs, badge tracking, document storage, tailored reporting and employee accountability features, Simplifya’s Custom Audit software reduces the time clients spend on compliance by up to 45 percent. Mr. Mariathasan, a Sri Lankan native and immigrant to the United States, is a serial entrepreneur who has founded or advised numerous startups. He is currently an investor in over twenty domestic and international companies that range from companies to dating apps.
Mr. Mariathasan studied Architecture and Computer Science at the University of Kansas and Computer Information Systems with a minor in Business Management from Emporia State University. He is a regular guest speaker at events such as Denver Start-Up Week, Colorado University's program on social entrepreneurship, various universities on the topic of entrepreneurship and the United Nations Global Accelerator Initiative.
Matthew Tarallo - Independent Director
Matthew Tarallo is the Founder & Principal of AETHER Brand Group, an Incubating and Operating Brand house focused on Adult Consumption Categories, which includes a current portfolio of several consumer brands across alcohol. With over 15 years in the consumer product goods space, Mr. Tarallo’s career comes with deep experience and success building and leading global brands in both developed and emerging markets, which includes direct P&L ownership across large Fortune 500 & FTSE 100 companies as well as startups.
Prior to starting AETHER Brand Group, Mr. Tarallo served as Senior Vice President of Business Development & Beyond Nicotine at Reynolds American, a subsidiary of British American Tobacco. Mr. Tarallo was part of the Reynolds American management team and accountable for building and leading a new, multi-category transformational division (Beyond Nicotine) to deliver long-term value by commercializing fast-growing, science-backed brands to reach new customers and consumers across wellbeing & stimulation.
Additionally, Mr. Tarallo was the Global Vice President for The Coca-Cola Company, where he led the Global Amazon Business Unit, a multi-billion-dollar retail business. Mr. Tarallo’s success in creating and scaling global brands has garnered large-scale recognition and awards such as a nod from Cannes Lions for his global campaign with Coca-Cola, McLaren F1, and Amazon, as well as the launch of the US Beyond Nicotine division at Reynolds American.
Mr. Tarallo earned his BS in Business Management from Saint Vincent College as well as a Venture Capital Executive Certificate from the University of California, Berkeley, Haas School of Business. Mr. Tarallo lives in the Atlanta area with his wife and two young children.
Sources
- Source 1:https://ceaindustries.com/wp-content/uploads/2025/06/cead-investor-presentation-june-2025-finalv2.pdf
- Source 2:https://ir.ceaindustries.com
- Source 3:https://www.canada.ca/en/health-canada/services/smoking-tobacco/vaping.html
- Source 4: https://ceaindustries.com/about-us/
- Source 5: https://finance.yahoo.com/quote/VAPE/news/
- Source 6: https://finance.yahoo.com/quote/VAPE/
- Source 7: https://ir.ceaindustries.com/press-releases/
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