AIR Global has made a $20 million strategic equity investment in Canadian vaporization technology company Greentank Innovations, deepening a partnership established in 2023. The transaction is designed to strengthen AIR’s access to advanced hardware, support its Crown Switch electronic vaping platform, and expand its position across inhalation categories. Announced on July 29, 2026, the deal also gives AIR greater influence over Greentank’s product development and supply capabilities.
Investment Terms and Governance
AIR completed the investment through preferred shares, valuing Greentank at approximately $170 million before the new capital. The agreement includes a warrant allowing AIR to increase its ownership by another 20% within 24 months at a $250 million valuation. AIR can nominate a director to Greentank’s board and will receive enhanced commercial terms, technology access, and long-term supply assurances.
Building on an Existing Partnership
Greentank develops vaporization hardware and atomization technologies for nicotine, cannabis, and wellness applications, while AIR operates flavored shisha and next-generation nicotine brands. The companies have collaborated since 2023, with Greentank’s Quantum Chip atomization technology powering AIR’s Crown Switch device. By becoming a strategic shareholder, AIR is seeking closer coordination around research, manufacturing, commercialization, and future product launches.
Supporting Greentank’s Expansion
Greentank said the investment will expand its research and development capabilities, chip-manufacturing footprint, specialist workforce, and pipeline of inhalation products. The company also plans to strengthen its presence across nicotine, cannabis, and wellness markets as demand grows for more advanced hardware. Corey Koffler, Greentank’s co-founder and chief executive, described the investment as an endorsement of the company’s technology and long-term opportunity.
Pilot Study Examines Crown Switch
AIR also released preliminary results from an independent pilot study examining aerosol emissions from Crown Switch, which is currently sold in Germany. McKinney Specialty Labs compared selected harmful and potentially harmful constituents in Crown Switch aerosol with published data for certain FDA-authorized vaping products and cigarettes. AIR reported that the Arctic Mint configuration produced carbon monoxide below detection limits, about 94% less formaldehyde, and 97% less nickel than the mint-flavored products in the comparison.
Regulatory Strategy and Limitations
AIR commissioned the study for a dossier supporting a planned Premarket Tobacco Product Application in the United States and expects to present the findings at a September 2026 industry conference. Additional testing is underway, meaning the pilot findings remain preliminary and could change as further samples, conditions, and verification work are completed. AIR stressed that lower measured levels of selected constituents do not make Crown Switch safe, but may indicate reduced exposure compared with the specific products evaluated.
Strategic Implications
For AIR, the transaction combines an equity position with governance rights, technology access, and supply protections that could support expansion beyond its traditional shisha business. For Greentank, the capital and closer commercial alignment provide resources to scale research, chip production, recruitment, and international development while remaining a specialized technology supplier. The partnership reflects growing competition among inhalation companies to secure proprietary hardware, scientific evidence, and regulatory pathways as consumer preferences and industry rules evolve.
AIR’s investment converts an established product relationship into a deeper alliance focused on technology development, supply security, and growth. The warrant gives AIR an option to expand its ownership, while board representation provides a formal role in Greentank’s strategic oversight. The partnership’s success will depend on Greentank’s ability to scale its technology and AIR’s progress with further testing, regulatory submissions, and commercialization in tightly regulated markets.