It didn’t take long for Snoop Dogg’s venture capital firm to invest some newly raised capital.
Only a week after closing a $45 million funding, the rapper’s Casa Verde Capital on Monday led a 4.3 million Canadian dollar ($3.3 million) seed investment in Green Tank Technologies, a Toronto-based vaporization hardware developer.
According to a news release, California-based Casa Verde Capital co-led the raise with Green Acre Capital, a Toronto-based investment fund. Alan and Lorne Gertner, founders of retail-focused, craft cannabis producer Hiku Brands (formerly Tokyo Smoke), also invested.
Green Tank Technologies is owned by Weekend Holdings, a recently started holding company in Toronto.
Green Tank plans to spend the money on product development and market expansion, according to the release.
An undisclosed amount of Green Tank’s raise will go to a sister company, WeCannect, which the release described as a “business-to-business discovery and networking platform” for the marijuana sector.
Casa Verde, which invests in ancillary marijuana companies, last week announced the completion of its inaugural fund, believed to be one of the larger raises in the cannabis industry.