Posted by Derek Champoux
5 years ago / March 20, 2018
Cannabis Vape Manufacturer Greentank Announces CDN$4.3 Million SEED Round
Investment round led by Green Acre Capital and Snoop Dogg’s venture firm Casa Verde Capital, will fuel growth, product development and market expansion for Greentank and sister company WeCannect.
March 20, 2018 – TORONTO – Greentank, a leading manufacturer of innovative, high-performance vaporization hardware, announced a CDN$4.3 million SEED investment, led by Green Acre Capital and Casa Verde Capital, along with Alan and Lorne Gertner, founders of Canadian lifestyle brand Tokyo Smoke (now HIKU Brands). Proceeds will fund Greentank’s product development, market expansion and the continued growth of WeCannect, a first of its kind business-to-business discovery and networking platform for the cannabis industry.
According to marijuana delivery service Eaze, oil-based vaporizers are the fastest growing segment with market adoption growing at a compound annual rate of 400%.
“As proven in the United States, we believe the vaporization of oils and concentrates will make up a meaningful portion of cannabis consumption in Canada. Greentank is positioned as the market leader in this sector,” says Matt Shalhoub, Managing Director, Green Acre Capital. “The company has experienced tremendous success to date as demonstrated by early orders and partnerships with some of the most reputable brands in the market. This speaks to the quality of Greentank’s vaporization devices and is evidence that this market needs access to more innovative, high quality, customizable hardware solutions. WeCannect is also filling a valuable void in the market today, as validated by the early traction this platform’s generated. Green Acre Capital is thrilled to support both businesses through their next phase of explosive growth.”
“There has been a lack of consistency and quality when it comes to vaporization hardware, which for the most part has been leveraging old electronic cigarette technology. With a product line purpose-built for the cannabis industry, Greentank has quickly garnered a reputation for innovation, excellence and reliability that makes it a welcome addition to the Casa Verde portfolio,” says Karan Wadhera, Managing Partner at Casa Verde Capital.
“Licensed producers and oil extractors lack access to reliable, quality vaporizers tailored to their high viscosity extracts,” says Dustin Koffler, CEO of Greentank. “Our solutions allow producers to focus on their craft, while allowing us to deliver the ultimate vaporization experience to their customers. This investment will allow us to accelerate the development of innovative, premium new products while ramping up operations and expanding our market reach.”
“WeCannect is addressing a significant networking need for businesses operating in this cannabis industry,” says Corey Koffler, CEO of WeCannect. “In just four months, it has attracted more than 500 brands, cultivators, dispensaries and other ancillary businesses from around the world who are using the platform to connect with one another, showcase their products and streamline sales and marketing efforts.”