Cannabis vape products provider Papa Medical sets terms for $5 million IPO

Papa Medical, which sells branded cannabis vape devices primarily in North American and Europe, announced terms for its IPO on Friday.

The City of Industry, CA-based company plans to raise $5 million by offering 1.3 million shares at $4. At the proposed price, Papa Medical would command a market value of $85 million.

Papa Medical sells cannabis e-vapor products under the Cannapresso brand. As of September 30, 2024, the company has launched approximately 50 series of e-vapors. It sells its products in North America and Europe, as well as the UAE and elsewhere.

Papa Medical was founded in 2018 and booked $47 million in sales for the 12 months ended March 31, 2025. It plans to list on the Nasdaq under the symbol PAPA. Tiger Brokers and TFI Securities are the joint bookrunners on the deal.