It was only a matter of time before investors found the confidence to fund Canadian marijuana consumer brands.
Canada was first in the world to legalize medical cannabis and is now poised to do the same for adult-use pot in the spring. This government’s approval of all-things ganja is creating higher levels of investor confidence in Canadian businesses.
Tokyo Smoke, which bills itself as a premium cannabis-oriented lifestyle brand, has announced in a press release that it has become the first consumer company in the nation to successfully raise capital to the tune of $3 million in funding for its continued expansion. The investment exceeded the company’s original target by 50%.
“We’re very excited about continuing to build a leading premium cannabis brand,” said CEO Alan Gertner in an interview with Marijuana.com. “We currently have two stores in Toronto and in the coming months we will have an additional store in Toronto, a store in Vancouver and our first U.S. store which is in Seattle.”
Along with retail, Tokyo Smoke has developed four distinct cannabis strains that emulate the desired effects a customer is looking for. “Go” is an energizing Sativa, “Relax” is a calming Indica, “Balance” is a Hybrid and finally “Relief” is a strain high in CBD.
Tokyo Smoke has developed these strains both in Canada and the United States. Due to the fact that exporting American cannabis is currently illegal, for the Canadian crops they inked a deal last September with LP Aphria Inc.
“I think there’s lots of opportunity to help consumers discover the incredible benefits of marijuana. It’s very probable that we will continue to expand our [cannabis] offering, either within the four groups or into additional products such as edibles or pre-rolls.” Gertner went on to add that they want their edible products to be just as high-end as the cannabis itself. “We see lots of excitement around the idea of helping consumers understand that cannabis edibles can also just be delicious edibles.”
This successful round of funding for Tokyo Smoke will have other investors looking to pull the trigger on different consumer cannabis ventures, which would be a significant help for the continued normalization of the industry.
“The reason we started the business in the first place was to help continue to elevate the cannabis space and help with the continued process of normalization. What we’re excited about is a world where cannabis can sit alongside the other amazing consumer experiences in your life.”
With this news, Canada continues to be the breeding ground for a legal marijuana marketplace that’s stretching across the globe. The nation to the north is already the go-to provider of quality cannabis for countries that have legalized medicinal marijuana but don’t yet have the crops to provide to its citizens. Licensed producers like the juggernaut, Canopy Growth Corporation, provide a steady supply to nations that include Germany, Brazil, Croatia, Australia, and others. Further to that end, the most sophisticated cannabis production facility in the world is currently being created in Edmonton Alberta to help with the growing demand for cultivation.
As crops are harvested, those looking to have a financial stake in the marijuana industry may want to point their compass North if they would like to be involved in the short-term. Clearly, for companies like Tokyo Smoke, the investors have arrived.
This article was originally published on Marijuana.com.
About Jon Hiltz: Jonathan Hiltz has been a journalist, a TV producer and marijuana advocate for over sixteen years. He has a wife, two young children and lives in the Toronto area.