Aphria leads CA$6M raise for fellow Canadian cannabis company

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.