Greentank Technologies Secures $16.5 Million in Series B Funding 

Vape hardware manufacturer, Greentank Technologies has successfully completed a Series B funding round, securing $16.5 million from an unspecified group of strategic investors, including Canadian cannabis producer, Organigram Holdings. The funding is expected to be used to launch new vape technology that moves away from the traditional ceramic and wicked coil systems commonly used in vaporizer products. The new technology is set to launch later this year and will serve multiple markets beyond cannabis. The funding round includes a $14.5 million equity investment and $2 million in debt financing from existing shareholders. Greentank’s new vape technology is expected to expand its reach beyond cannabis to serve the broader vape category, including nicotine, e-liquids, pharmaceuticals, and more.

Organigram Holdings’ deal with Greentank includes an exclusivity period in Canada for the new technology incorporated into 510 vape cartridges, along with other formats, for use with cannabis. The company purchased $4 million worth of Greentank preferred shares, with plans to develop a custom all-in-one device that will be proprietary to Organigram. According to Organigram’s CEO, Beena Goldenberg, the new technology will introduce a new way of heating cannabis oil without the need for a ceramic coil, providing consumers with a 510 vape cartridge solution that does not contain ceramic or ceramic particle emissions. Greentank’s CEO, Dustin Koffler, believes the new technology will open the company to a much larger market opportunity.

Overall, the successful funding round and the development of new vape technology represents a significant opportunity for Greentank Technologies and its investors. With the potential to expand beyond the cannabis market, the company is well-positioned to become a major player in the broader vape industry. The partnership with Organigram Holdings also highlights the increasing collaboration between cannabis and vape companies as they seek to develop new and innovative products for consumers. With the launch of its new technology set for later this year, the industry will be watching closely to see how Greentank’s innovative approach to vape hardware evolves and how it will shape the future of the industry.