💰 Greentank Technologies $16.5M Series B
The Series B was led by a strategic investor group with 15+ years of manufacturing experience and Organigram.
Greentank. Founded by brothers Corey and Dustin Koffler on the belief that they could create hardware that looked and performed better than anything in the market. Today, Greentank works with some of the most prominent cannabis brands around the globe, providing them with innovative world-class vape hardware that can be trusted and relied upon. The Company has over 70 employees spread across North America and overseas.
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Total raised to date of $38.5M.
$16.5M Series B $16.5M from strategic and Organigram (March 2023)
~$8.5M Convertible Note from undisclosed investors [Note: Pitchbook estimate was ~$5.5M but I am assuming ~$8.5M given total raised to date mentioned in press release, this could be off on timing and/or structure] (February 2022)
$10M Series A from Newstrike Brands, Green Acre Capital and Argonautic Ventures (March 2019)
~$3.3M Seed led by Green Acre Capital and Casa Verde Capital. Argonautic Ventures, Tokyo Smoke founders Alan Gertner and Lorne Gertner also participated in the round (March 2018)
Organigram’s deal with Greentank which brings new heating technology is anticipated to grow Organigram’s vape market position with plans to launch prior to the end of its current fiscal year.
Investment includes 18-month exclusivity right in Canada for the new technology incorporated into 510 vape cartridges
“Our technology elevates the overall consumer experience by generating unique aerosols which can efficiently deliver consistent performance, increased potency, and superior flavour from start to finish.”
— Greentank CEO Dustin Koffler
$4M strategic investment for a minority interest in the parent of Greentank, representing a ~2.6% ownernship interest (implied valuation of ~$154M)
According to the most recent HiFyre data, the vape category represents approximately 17% of the Canadian market
“Greentank’s vape technology will introduce a new way of heating cannabis oil without the need for a ceramic coil and will provide consumers with a 510 solution that does not contain ceramic or ceramic particle emissions”
— Beena Goldenberg, Organigram CEO
Greentank Technologies Closes $16.5M USD Series B. Investment to accelerate the company’s R&D and manufacturing capabilities as a leading technology provider for the global vape industry
Toronto, Canada – March 31, 2023 – Greentank Technologies (“Greentank”) announced today it has successfully closed a $16.5M USD Series B financing round, inclusive of a $14.5M USD equity investment led by a strategic investor group with 15+ years manufacturing experience and Organigram Holdings Inc., a leading licenced producer of cannabis. An additional $2M USD of debt financing was provided by existing shareholders. Total investment in Greentank to date is now $38.5M USD. This latest round will fuel the commercialization of Greentank’s proprietary technology, which is expected to launch later this year and serve multiple markets beyond cannabis.
An expanding position as a premier technology provider to the global vape industry
Over the past three years, the company has heavily invested in innovation, developing breakthrough heating technology that will expand its reach beyond cannabis to serve the broader vape category including nicotine, e-liquids, pharmaceuticals and more. These substantial technology advancements open Greentank to a much larger market opportunity. Funds raised will be used to commercialize and manufacture Greentank’s new technology at scale.
"We firmly believe our technology advancements will change the entire landscape of the global vape industry for the better,” says Greentank co-founder and COO Corey Koffler. “We have spent the last three years investing significantly in R&D and building out our talent and knowledge of material science, with a primary focus on creating a new generation of heating element. This financing, along with several major strategic partnerships, is clear validation of the technology and the opportunity in front of us.”
“Our state-of-the-art heating technology, entirely designed, owned and manufactured by Greentank, moves away from the traditional ceramic and wicked coil systems commonly used in most vaporizer products today. Most importantly, it sets a new standard of safety across the entire industry given the use of high-purity (greater than 99.99%) biocompatible materials” says Greentank co-founder and CEO Dustin Koffler. “Our technology elevates the overall consumer experience by generating unique aerosols which can efficiently deliver consistent performance, increased potency, and superior flavor from start to finish.”
Greentank is a business-to-business technology company specializing in the design, development and manufacture of precision-made vaporization hardware and atomization technology. The company has quickly become an industry powerhouse with a proven track record with hundreds of successful vape brand launches across the United States and Canada. Greentank is also the recipient of multiple industry accolades and honors, including a Red Dot Design award and holds a Research license from Health Canada that enables rapid on-site testing and prototyping.
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