I think I may have a theory on why they may have listed this so cheap. I am going to preface this by saying it is just a theory on my experience with previous cancelled items by third party vendors purchased at Amazon. I do a lot of ordering through Amazon and been a Prime member since they introduced it.
By offering an item cheap and then conveniently canceling right before it goes to ship, they are pushing their item to the top of the best seller list (check it now, as it appears my theory is correct). By having the title "#1 Best Seller" next to your item, it brings it to the top of the search selling list and is an indicator to the potential buyer that the item is in high demand and purchased by a lot of people, helping with the sale. Another motivation to do this unscrupulous switcheroo is free advertising so people in the market for their products will hopefully come back and buy something, even if 5% of the cancelled sales come back and buy something, it's worth it to them. All they have to do is list it dirt cheap and have it picked up by a deal site, in this case Vaporjoes.
Again, I do not have proof that this was indeed the sellers intention, but I will say there are many safeguards that Amazon has in place to prevent this from happening. it is very difficult to list something with the wrong price (various confirmation screens, etc).
That does not mean that it was intentional in this case, but it does make your stop and think. Like I said, I have seen a pattern of this happening lately with other vendors...