#Canadian #Cannabis News: Tokyo Smoke raises $3 million in Series A funding
TORONTO, ON - January 18, 2017 (Investorideas.com Newswire) Tokyo Smoke, a premium cannabis-oriented lifestyle brand, has become the first Canadian cannabis consumer brand to raise capital, and oversubscribed on its first round of fundraising. Strong investment interest in the burgeoning start-up resulted in a total of $3 million (CAD) raised by international angel investors, 50% more than its initial target. Key investors include W. Brett Wilson (iBanker, CBC Dragon Emeritus), Chuck Rifici (co-founder Nesta Holding Co, co-founder of Canopy Growth Corp) and Globalive Capital Inc. (founders of Wind Mobile).
"I greatly respect Tokyo Smoke as a reputable brand focused on a legal and responsible approach to bringing clarity, safety, education and product excellence to the cannabis industry," says Wilson. "My strategic investment in Tokyo Smoke is in response to inevitable changes in the business environment for medical and recreational marijuana, and my desire to see the industry accelerate research initiatives around the various available products and promote responsible usage, especially in our younger consumers."
Tokyo Smoke is an award-winning lifestyle brand that brings sophistication and design to the cannabis space. With immersive experiences and designer retail spaces with coffee, clothing and designer products, Tokyo Smoke is developing an international reputation as the go-to destination for luxurious, creative offerings within the industry. In collaboration with Aphria Inc. ("Aphria") (TSX VENTURE: APH) (OTCQB: APHQF), one of Canada's largest licensed producers of medical marijuana, Tokyo Smoke will release four branded cannabis strains in the first quarter of 2017.
"Creating a new caliber of high quality products and experiences for the developing cannabis industry is extremely exciting," says Tokyo Smoke co-founder & CEO Alan Gertner. "We've witnessed a real demand for a beautiful, design-focused retail and lifestyle experience, where none existed before. Just like people who drink coffee or whisky, cannabis consumption is not what defines an individual. With the Canadian government taking steps towards legalization in the coming months, Canada could be to cannabis what France is to wine, and Tokyo Smoke will help lay the groundwork for that experience."
With investment from Canada, the U.S.A and South America, the raised funds will be earmarked for product development, growing the management team and international expansion, with the first foray into the U.S. market slated for spring 2017.
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