Revolutionizing Sustainable Cannabis Vaping, Greentank Technologies Closes $16.5M Series B - OrganiGram Holdings (NASDAQ:OGI)

▤ Summary

Greentank Technologies, a business-to-business technology company specializing in the design, development and manufacture of precision-made vaporization hardware and atomization technology, secured $16.5 million in Series B funding to accelerate growth in sustainable cannabis vaping tech.The closure includes a $14.5 million equity investment led by an experienced strategic investor group and Organigram Holdings Inc. OGI, a top cannabis producer. Existing shareholders provided an additional $2 million in debt financing.This funding brings Greentanks total investment to $38.5 million and will be used to fuel the launch of their exclusive technology, which is slated for release later this year and will cater to diverse markets beyond cannabis.Moreover, the agreement provides Organigram with an exclusivity period in Canada for the new technology incorporated into 510 vape cartridges (along with other formats) for use with cannabis, including the development of a custom all-in-one device that will be proprietary to Organigram.Greentank has invested in innovative heating technology over the past three years, opening doors for expansion into other vaping categories beyond cannabis. "We firmly believe our technology advancements will change the entire landscape of the global vape industry for the better," said Greentank co-founder and COO Corey Koffler who added that the new heating technology uses high-purity biocompatible materials, setting a new safety standard across the entire industry. This technology not only provides consistent performance but also offers unique aerosols that enhance the consumer experience, delivering increased potency and superior flavor.The most successful cannabis business event in the world, the Benzinga Cannabis Capital Conference, returns to Miami for its 16th edition. This is the place where DEALS GET DONE, where money is raised, M&A starts, and companies meet investors and key partners.

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