Fat Panda
- Founded
- 2013-01-01 in Winnipeg, Manitoba, Canada
- Headquarters
- Winnipeg, Manitoba, Canada
Fat Panda Ltd. is Canada’s largest independent vape retailer and vertically integrated manufacturer, headquartered in Winnipeg, Manitoba. Founded in 2013, the company grew from a single location to a network of 33 high‑traffic retail stores across Manitoba, Ontario, and Saskatchewan, complemented by a national e‑commerce platform. Its vertically integrated model includes ISO‑certified in‑house manufacturing of premium e‑liquids, direct supplier relationships, and a robust portfolio of proprietary trademarks and intellectual property. With a regional market share exceeding 50%, Fat Panda generated approximately CAD $38.5 million in revenue and CAD $8.0 million in adjusted EBITDA in the fiscal year ended April 30, 2024. In June 2025, the company was acquired by CEA Industries Inc. (NASDAQ: CEAD) for CAD $18 million, with the intention of accelerating retail and e‑commerce expansion under existing management. Fat Panda continues to operate under its own brand, led by co‑founder and president Jordan Vedoya, who also spearheads integration and growth initiatives. The acquisition positions Fat Panda as the cornerstone of CEA Industries’ strategic diversification into the regulated nicotine market.
Detailed Review
History and Founding
Fat Panda Ltd. was established in 2013 by Jordan Vedoya and a likely unnamed co‑founder in Winnipeg, Manitoba. The company began as a single retail location selling e‑cigarettes and vape devices, quickly expanding to 33 corporate‑owned stores under the “Fat Panda” banner plus four outlets under the “Electric Fog” sub‑brand. Its physical footprint spans three provinces, and it also operates a robust e‑commerce site at fatpanda.ca.
Business Model and Vertical Integration
The company’s operational strength lies in vertical integration: it manufactures its own line of premium e‑liquids in ISO‑certified facilities, controls sourcing through direct supplier relationships, and maintains a full trademark portfolio. This structure enables product consistency, cost efficiencies, and adaptability to regulatory changes under Canada’s Tobacco and Vaping Products Act. Revenue streams come from retail sales, e‑commerce, and wholesale white‑label manufacturing for other retailers.
Financial Performance and Growth
Fat Panda reported strong financials: approximately CAD $38.5 million in revenue, 39% gross margins, and CAD $8.0 million in adjusted EBITDA (before ownership distributions) for fiscal 2024. The company achieved a 38% revenue CAGR and 71% Adj. EBITDA CAGR over the prior five years. These figures were disclosed in connection with the acquisition by CEA Industries.
Acquisition by CEA Industries
In February 2025, CEA Industries Inc. announced a CAD $18 million agreement to acquire Fat Panda, which closed in June 2025. The deal involved cash, CEA common shares, and debt, and was supported by a US$500 million investment from Binance billionaire Changpeng Zhao’s family office into CEA Industries. Post‑acquisition, Fat Panda retains its brand, management team, and employees. Co‑founder and president Jordan Vedoya leads integration and expansion across both retail and digital channels.
Market Position and Products
Fat Panda is Canada’s largest independent vape retailer, with a regional market share exceeding 50%. Its product lineup includes e‑cigarettes, vape devices, premium in‑house e‑liquids, and wholesale manufacturing services. The company also operates the “Electric Fog” sub‑brand and a national e‑commerce platform generating over CAD $2 million in annual online sales. A full trademark portfolio covers proprietary formulations and branding.
Future Outlook
Under CEA Industries, Fat Panda plans to open new stores, pursue acquisitions, and scale manufacturing. The company aims to deepen its presence in Canada’s regulated vape market, leveraging the parent company’s balance sheet and strategic support. Existing management will continue to run day‑to‑day operations.
Key Products
E‑cigarettes and vape devices
A wide range of hardware sold in retail stores and online.
Premium e‑liquids
In‑house manufactured, house‑brand and white‑label formulations.
Fat Panda retail stores
29 branded locations across Manitoba, Ontario, and Saskatchewan.
Electric Fog
Four outlets operating under this sub‑brand.
E‑commerce platform
National online store at fatpanda.ca, generating over CAD $2 million in annual online sales.
Wholesale white‑label manufacturing
Production of e‑liquids for other retailers.
Trademark portfolio
Proprietary IP covering product formulations and branding.
Key Persons
- Jordan Vedoya
Co‑Founder & President