Greentank Technologies, a Toronto-based vaping hardware company, has received a $20M USD strategic investment from Dubai-based tobacco product company AIR Global through the purchase of preferred shares.
The deal values Greentank at approximately $170M USD pre-money and brings the company’s total funding to $56M USD. Under the agreement, AIR Global has the option to increase its ownership stake by a further 20 percent within the next two years and has earned the right to nominate a director to Greentank’s board.
Addressing The Market Opportunity
The global vaping hardware market sits at the intersection of consumer demand, regulatory scrutiny, and rapid product development. For companies seeking to market nicotine or tobacco products in the United States, the FDA’s Pre-Market Tobacco Application process represents one of the most significant commercial and regulatory hurdles in the industry. Securing consistent, verified supply chains is a prerequisite for meeting PMTA requirements, making strategic hardware partnerships a commercial priority for companies pursuing US market access.
AIR Global is currently preparing its own PMTA submission. The agreement with Greentank provides long-term supply assurances that support that process.
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How The Technology Works
Founded in 2016, Greentank designs and manufactures vapourization hardware and heating technology for both cannabis and nicotine vaping devices. Its flagship product, the Quantum Chip, is a proprietary heating technology that replaces the ceramic coils found in conventional vapes. Greentank says the technology produces cooler vapour and smaller aerosol particulate than traditional coil-based systems.
The Quantum Chip was developed largely with capital from the company’s Series B round, raised in 2023, and represents the core of Greentank’s proprietary technology position in the market.
Growth And Market Traction
The startup has grown steadily since its founding, raising a $14M CAD Series A in 2019 and a $22M CAD Series B in 2023 before the current strategic investment. The company and AIR Global have an existing commercial relationship, having partnered in 2023 to develop a vape-adjacent device called Vant. Chris Gemmell, formerly of British American Tobacco, joined Greentank last year as Chief Product and Innovation Officer, bringing established tobacco industry experience to the company’s leadership team.
Expansion Plans
The $20M investment will support Greentank’s continued product development and manufacturing operations as the company deepens its relationship with AIR Global. The partnership positions the company as a key hardware supplier for AIR Global’s planned US market entry, with the long-term supply agreement forming a central part of AIR Global’s regulatory strategy.
Looking Ahead
The AIR Global investment marks a strategic inflection point for Greentank, moving beyond financial backing into a structured commercial partnership tied to one of the most significant regulatory processes in the global nicotine market. With total funding now at $56M USD and a pre-money valuation of approximately $170M USD, the company is entering its next phase with a major international partner and a defined path toward the US market.
About Greentank Technologies
Greentank Technologies is a Toronto-based vaping hardware company founded in 2016. The company designs and manufactures vapourization hardware and heating technology for cannabis and nicotine vaping devices, with its proprietary Quantum Chip replacing conventional ceramic coil systems. Greentank has raised $56M USD in total funding and serves commercial partners across the vaping industry, including a strategic partnership with AIR Global for the development and supply of vaping hardware.
