Newstrike Brands, a publicly traded Canadian cannabis company that is licensed in Canada to cultivate and sell cannabis in all of its acceptable forms, has announced a $5 million (USD) investment in North American vaporizer manufacturer Green Tank Technologies, which focuses on the development of cannabis vaping technology.
Mark Burton, Chief Strategy Office at Newstrike Brands, noted that the multi-million dollar investment comes at a time when Newstrike is “gearing up” for the commercial launch of their full line of cannabis vaping products and that their strategic investment in Green Tank Technologies places Newstrike “in a strong position to become a preferred supplier of end-to-end vape solutions to the adult use recreational market.”
“In anticipation of revised cannabis regulations coming into force in late 2019, we are gearing up for the commercial launch of our full line of cannabis vape products. Our strategic investment in Green Tank puts us in a strong position to become a preferred supplier of end-to-end vape solutions to the adult use recreational market.”
According to Burton, Newstrike expects vape products to be “a significant part” of their overall revenue profile moving forward.
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