Tokyo Smoke, an award-winning lifestyle brand aiming to bring sophistication and design to the cannabis space, is excited to confirm the first closing of its Series B funding at approximately $4 million CAD. The company is pleased that its current funding round is oversubscribed, and is expected to exceed the initial target of $5 million CAD. Final close of its Series B is expected by the end of August 2017. The funds will help accelerate Tokyo Smoke's vision to be Canada's leading cannabis brand.
Tokyo Smoke's Series B funding has been led by Aphria Inc., one of Canada's largest medical cannabis producers, and Green Acre Capital Fund I LP, a fund dedicated to strategic investments in cannabis properties. Says Aphria CEO Vic Neufeld, "We believe Tokyo Smoke is at the forefront of modern cannabis retail and branding. Aphria is excited to be a part of its future as it redefines the retail cannabis experience."
Encouraged by demand from new and existing investors, including W. Brett Wilson (iBanker, CBC Dragon Emeritus) and Charles Broderick (one of the largest early investors in Canada's medical cannabis market, founder of Uji Capital LLC), funding from North American and International investors will be allocated to continued retail expansion across North America, marketing and strategic acquisitions.
"Almost one year ago, we partnered with Aphria on a first-of-its kind cannabis deal in Canada. Today, we are incredibly grateful to welcome Aphria to Tokyo Smoke as shareholders, as we continue to build the largest cannabis related retail infrastructure in Canada. The outsized investor demand suggests that leaders in the cannabis industry like Green Acre Capital agree Tokyo Smoke is positioned to become a category defining brand in cannabis," says Alan Gertner, co-founder and CEO of Tokyo Smoke. "As Canada moves towards legalization, we believe this country will model modern cannabis experiences and Tokyo Smoke will remain at the forefront of that experience."