Special thanks to Dustin (CEO & Founder) and Corey (Co-founder) of Green Tank Technologies for the interview.
And also special thanks to Mr. Onell Crawford for pulling this all together.
Hey Guys, looks like a year ago things were just starting for Green Tank Technologies. How did the whole concept come about?
Dustin: A few summers ago, I was at my best friend’s wedding in Aspen, Colorado and I noticed most of the guests were vaping on the dance floor. When I took a closer look, I realized that the vape hardware they were using was not meant for cannabis oils, they were made for the e-cigarette industry. Right then and there I decided to embark on a mission to develop advanced vaporization solutions designed specifically for the cannabis industry that would deliver the ultimate end-user experience.
Cannabis is widely accepted in Canada, with what appears to be a flexible medical market. Any pre-regulation deals or is it all export?
Corey: At the moment, a majority of our business is in the US. We also have clients in Europe, South America and Israel. The nice part about our space is that we are on the ancillary side of the industry and thus are not bound by any regulations. We can ship our devices globally. With respect to Canada, we have signed supply agreements with many of the top licensed producers in anticipation of the recreational market.
What separates Green Tank Technologies from the competition?
Dustin: The biggest differentiating factors are quality and consistency, which ultimately lead to the best possible end-user experience. We take great pride in our procurement process, supply chain management and QA/QC procedures, to ensure that our clients are entering the market with the very best vape hardware to help them separate their brands from their competitors. We offer fully customizable solutions and the ability to manufacture hardware to our client’s specifications, all while maintaining our state-of-the-art technology within each device. This unique approach is what Green Tank is all about.
Most people seem to think vapes are very simple devices but it seems quite the contrary, give us some insight into the background of vape research and R&D?
Corey: A common misconception when it comes to vapes in the cannabis industry (specifically oil), is that there is a one-size fits-all solution, which is the furthest thing from the truth. Before we launch a new product line for our clients, we spend several months working with them to test their oils and develop devices to match their oil profiles. Every client has different viscosity oils and it’s our job to make sure we provide a solution that meets their needs.
You are working directly with manufacturers in China, have you faced any challenges here?
Dustin: There are always challenges working with China, however we have a very unique relationship with our manufacturing partners, as they are investors in our company and highly committed to the growth and success of Green Tank. We spend a lot of time in China to ensure the entire process is running smoothly, from the procurement process right through final assembly. It’s a very collaborative approach as we combine our knowledge of the cannabis industry and product design work, with their advanced manufacturing capabilities.
With 4.3 million dollars from a series of very high level investors what are the plans for Green Tank and expansion?
Corey: Our focus is on product research and development, innovation and introducing new vape solutions that are a first of its kind. The $4.3M seed round has allowed us to hire the very best people in our field and work with world-class industrial design companies in order to achieve this goal. Outside of product R&D, we are expanding our presence in the US. We just opened an office in California and intend to do the same in some of the other recreational markets.
Entrepreneurship is in your blood, how did this shape your lives?
Dustin: I think coming from a family of entrepreneurs has always motivated Corey and I to think outside the box when it comes to business. We have been fortunate enough to have some great mentors in our life that we have been able to lean on and guide us along the way.
It is also very interesting that you have a networking platform WeCannect that was also co-funded under the same umbrella. How do you see the platform working in parallel with your current vape business?
Corey: WeCannect was launched with one goal in mind, to create an online meeting place for all businesses in the cannabis industry. The platform allows companies to showcase their brand and network with others in the industry. The idea was born directly out of the early challenges we faced with Green Tank as we tried to navigate our way through a cannabis industry in its infancy and full of strict marketing regulations.
Do you intend to venture into the CBD market, with your technology?
Dustin: That’s really up to our clients, however we have developed a product line designed specifically for CBD oils which is already being used in some markets.
With upcoming legislation changes in Canada, how will this affect your business?
Corey: We have been working very closely with some of the largest licensed producers in Canada ahead of legalization to develop their recreational vape brands. The government has said vapes will be introduced within the first 12 months of legalization, which will of course have a very positive effect on our business and our growth.
Five year plan for Green tank, what does the landscape look like?
Dustin: Innovation, Innovation, Innovation, this is how Green Tank will remain an industry leader in our space. As we continue to introduce vape hardware that is at the forefront of the industry, we are confident our business will grow organically and expand globally as new cannabis markets open up around the world.