vlookup individual strings of text within a cell

I'm trying to search through a string of text to see if there are any matching values using the vlookup formula. If there are any matches, I need to return that matching value. If there are no matching values, I want to leave the field blank (""). Is this possible? If not, is there a better function to use to accomplish this?

I've attached the spreadsheet if that would help. The string of values to search for are in Sheet 1 (formulas supposed to go in column B). The values to search against are in Sheet 2.

Any ideas or help is GREATLY appreciated!