Cannabis Vape Hardware Firm Greentank Gets $16.5 Million
Credit: VetKit
Vape hardware manufacturer Greentank Technologies closed a Series B financing round worth $16.5 million with an unspecified “strategic investor group” that includes Canadian cannabis producer Organigram Holdings.
The funding will be used to launch new vape technology, which Greentank CEO Dustin Koffler said in a statement “moves away from the traditional ceramic and wicked coil systems commonly used in most vaporizer products today.”
The technology “is expected to launch later this year and serve multiple markets beyond cannabis,” Toronto-based Greentank said in a Friday news release, according to MJ Biz Daily.
The $16.5 million funding round includes a $14.5 million equity investment from the investment group, plus $2 million in debt financing from existing shareholders.
The terms of the debt financing were not disclosed.
In a statement, Greentank said its new vape technology “will expand its reach beyond cannabis to serve the broader vape category including nicotine, e-liquids, pharmaceuticals and more.”