Debra Borchardt
Cannabis lifestyle brand Tokyo Smoke announced the closing of its oversubscribed Series B funding of approximately $6 million CAD or $4.7 million USD. The funds will be used to continue retail expansion, marketing, and strategic acquisitions, accelerating Tokyo Smoke’s vision of becoming a category-defining cannabis brand.
“We are incredibly grateful for the support from investors in this round and their show of confidence in Tokyo Smoke. Having raised over $10 million in the past 10 months, this funding will further empower us to take great strides in our retail expansion and put us closer to achieving our goal of building the largest cannabis related retail infrastructure in Canada,” says Alan Gertner, co-founder, and CEO of Tokyo Smoke.
Tokyo Smoke sells medical marijuana products and paraphernalia. It also sells coffee, clothing and even home goods like candles and incense. The clothing line is limited and consists of a pair of sweatpants, a couple of t-shirts and a hat. The best sellers are mostly the smoking accessories, but the company also sells several coffee accessories too.
The funding round was led by Aphria Inc., (APHQF) one of Canada’s largest medical cannabis producers, and Green Acre Capital Fund I LP, a fund dedicated to strategic investments in cannabis properties. In addition, Tokyo Smoke also received a strategic investment from Paul Rowan, a design pioneer in the housewares industry and a founding partner at Umbra, a well-known home goods company.
“With the recent announcement in Alberta and strong operational partners in the region, we look forward to the possibility of dispensing and on-site consumption. Ontario’s government-run model is something we long prepared for, and our in-store operations will be readied to take on a new dimension,” said Gertner. “The Tokyo Smoke team is excited to take advantage of the opportunities that abound as more provinces announce retail and distribution plans, meeting the shifting landscape with energy and optimism.”
