Cannabis retailer Newstrike Brands has participated in a C$14m ($10.4m) series A round for Canada-based e-cigarette manufacturer Green Tank Technologies, BetaKit has reported.
The round was led by marijuana-focused venture capital fund Green Acre Capital Fund, and came after Green Tank had received $4.3m in seed funding from Green Acre and Casa Verde, the VC firm owned by music producer Snoop Dogg, in March 2018.
Founded in 2016, Green Tank Technologies designs, develops and manufactures e-cigarette hardware used to vaporise cannabis oils.
The funding will support plans to expand the company’s operations, accelerate product innovation and make strategic hires. Canada legalised recreational cannabis in October 2018 and permitted the legal sale of cannabis vapes across the country.
Mark Burton, chief strategy officer of Newstrike, told BetaKit: “We expect vape products to be a significant part of our overall revenue profile and we are excited to be working closely with Green Tank to design and deliver highly innovative vaporisation hardware specifically designed to work seamlessly with our unique cannabis extracts.”