- Business
- CEA Industries Inc. CEA Industries Inc. (NASDAQ: BNC), formerly known as Surna, Inc., designs, develops, and distributes environmentally controlled equipment and related services primarily for the indoor controlled environment agriculture (CEA) sector, with a growing emphasis on the Canadian nicotine vaping industry and digital asset treasury management. Headquartered in Louisville, Colorado, and founded in 2011, the company operates through subsidiaries including Surna Cultivation Technologies LLC, which provides architectural design and licensed mechanical, electrical, and plumbing (MEP) engineering for commercial-scale cultivation facilities; liquid-based process cooling systems and climate control solutions; air handling equipment and systems; air sanitation products; LED lighting; benching and racking solutions for indoor cultivation; automation and control technologies for environmental, lighting, and climate management; and preventative maintenance services, facility design, budgeting, equipment selection, specification, and installation advisory, serving commercial CEA growers in the United States and Canada regulated by state and provincial authorities. Additionally, through its Fat Panda Ltd. operating unit, the company retails and manufactures e-cigarettes, vape devices, e-liquids, and related nicotine products across a network of over 30 stores primarily in central Canada, alongside wholesale white-label manufacturing; it maintains a strategic treasury of BNB digital assets to provide shareholders indirect exposure to the BNB ecosystem, with ongoing acquisitions including 500,000 BNB tokens and subsequent expansions totaling additional holdings valued in the millions. In recent developments, CEA Industries completed the acquisition of Fat Panda Ltd. in early 2025 for CAD $18 million (USD $12.6 million), marking its entry into the high-demand Canadian vape market and leveraging the target's double-digit revenue growth, consistent profitability, and positive cash flow to pursue further retail expansion through store acquisitions, de novo openings, and scaled manufacturing operations. The company continues to evaluate strategic alignment for its CEA and vape business units while advancing its digital asset strategy with transparent governance and periodic updates to its BNB holdings, reflecting a shift toward diversified, long-term value creation in regulated consumer markets.