Green Tank Technologies, a Toronto, Canada-based manufacturer of vaporization hardware, raised CAD $14m in Series A financing.
Backers included existing investors Green Acre Capital and new investors Newstrike Brands.
The company intends to use the funds to scale operations, accelerate product innovation, and attract top talent.
Launched in 2016 by brothers Dustin and Corey Koffler, 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 innovative vaporization technology, engineered specifically for each brand’s extract formulations.
The funding comes at a pivotal time for Green Tank, with anticipated revised cannabis regulations coming into effect in late 2019, permitting the legal sale of vapes across Canada. The company, which experienced annual revenue growth of nearly 300% in 2018, is now working with over 130 brands in the United States and international markets and has signed partnerships with over a dozen licensed producers in Canada including some of the largest in the country.
Green Tank also recently announced the launch of a new certified child-resistant vaporizer cartridge, designed exclusively for the cannabis industry.