Tokyo Smoke has held a first closing of its Series B funding for gross proceeds of approximately $4 million.
Tokyo Smoke’s Series B funding was led by Aphria Inc and Green Acre Capital Fund I LP, a fund dedicated to strategic investments in cannabis properties. Other investors include W. Brett Wilson (iBanker, CBC Dragon Emeritus), Charles Broderick (founder of Uji Capital LLC) and a group of North American and International investors.
Tokyo Smoke said the financing is expected to exceed the initial target of $5 million with final close expected by the end of August 2017.
Funds will be allocated to continued retail expansion across North America, marketing and strategic acquisitions.
“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,” said Aphria CEO Vic Neufeld.
“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,” said 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.”
Tokyo Smoke is a lifestyle brand that aims to bring sophistication and design to the cannabis space.
photo credit: Tokyo Smoke