📝 Greentank raises $20M

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Toronto-based vaporization technology company Greentank Technologies has secured a $20 million preferred share investment from Dubai-based AIR Global PLC at a pre-money valuation of roughly $170 million, bringing Greentank's total capital raised to $56 million. The strategic financing—which includes a warrant allowing AIR Global to acquire up to an additional 20% equity stake over two years at a $250 million valuation alongside a seat on Greentank's board—will scale the production of Greentank's proprietary Quantum Chip heating technology, an atomization platform engineered to replace traditional ceramic coils in cannabis and nicotine devices. Deepening a commercial relationship established in 2023, the partnership provides AIR Global with long-term hardware supply assurances and enhanced commercial terms to support its upcoming Pre-Market Tobacco Application submission to the U.S. Food and Drug Administration for its Quantum Chip-powered Crown Switch vape platform.

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