Toronto-based cannabis lifestyle brand Tokyo Smoke has wrapped up a Series B funding round of 6 million Canadian dollars ($4.7 million).
The funding was led by Aphria Inc. (TSX: APH), one of Canada’s biggest licensed medical marijuana growers, and Green Acre Capital Fund I LP, a fund dedicated to investing in marijuana properties.
According to a news release, Tokyo Smoke – which also retails coffee and clothing – has raised over CA$10 million ($7.9 million) in the past 10 months, including CA$3 million in a Series A round in January.
Here’s what you need to know:
- Tokyo Smoke plans to use the funding to expand its retail operations and make marketing and strategic acquisitions.
- The acceptance of recreational marijuana in Alberta and Ontario is motivating Tokyo Smoke’s expansion.
- The company received a “strategic investment” from Paul Rowan, a designer in the housewares industry and a founding partner at global product design company Umbra.
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