Green Tank Technologies, a Toronto-based maker of vaporization hardware for the cannabis industry, has secured $4.3 million in a seed-stage financing. The round was led by Green Acre Capital, a Canadian cannabis investment firm, and Casa Verde Capital, the venture capital firm of U.S. rapper Snoop Dogg. Alan Gertner and Lorne Gertner, founders of Tokyo Smoke, now Hiku Brands, also invested. The funds raised will be used for Green Tank’s product development, market expansion and the growth of WeCannect, a cannabis-focused discovery and networking platform. Green Tank was founded in 2016 by Corey Koffler and Dustin Koffler.
Cannabis Vape Manufacturer Green Tank Technologies 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 Green Tank and sister company WeCannect
March 20, 2018 – TORONTO – Green Tank Technologies, 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 Green Tank’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. Green Tank 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 Green Tank’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, Green Tank 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 Green Tank. “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.”
About Green Tank Technologies
Green Tank Technologies designs, develops and manufactures innovative, high-performance vaporization hardware exclusive to the cannabis industry. The company is committed to providing licensed producers and extractors with state-of-the-art vaporization technology, engineered specifically for each brand’s extract formulations. Green Tank Technologies is wholly owned by Weekend Holdings.
WeCannect is a first of its kind discovery and networking platform for cannabis businesses, connecting brands, cultivators, dispensaries and ancillary businesses through an online community purpose-built for the cannabis industry. WeCannect is wholly owned by Weekend Holdings.
About Green Acre Capital
Green Acre Capital is a private investment fund focused on the Canadian medical and recreational cannabis industry with consideration for international opportunities. The Fund plans to invest in multiple sectors of the cannabis value chain and to create an eco-system amongst portfolio investments that will help fuel growth and innovation.
About Casa Verde Capital
Casa Verde Capital, led by Karan Wadhera and Evan Eneman, along with Snoop Dogg and his longtime business partner Ted Chung, makes early stage investments in innovative and fast-growing ancillary businesses in the emerging cannabis industry. The VC firm focuses on businesses that “do not touch the plant,” allowing the team to focus its efforts on businesses proven to scale in a still uncertain regulatory environment.
For more information contact:
Green Tank Technologies
Dustin Koffler, CEO
Ignition Communications (PR for Green Tank Technologies & WeCannect)
Ellyn Winters, President
Photo courtesy of Reuters/David McNew