DOJA, VC-backed Tokyo ​​Smoke to merge as Hiku ​​Brands

Marijuana lifestyle businesses Cannabis Co Ltd, known as DOJA, and Tokyo Smoke, have agreed to combine, creating Hiku Brands Co Ltd, a Canadian retail- and brand-focused cannabis producer. The new entity, expected to have a market cap of about $175 million, will operate seven cannabis accessory stores across Ontario, Alberta and British Columbia. It will be backed by a $12.5 million financing led by Aphria Inc, allowing Hiku to scale production, expand its retail footprint and build its cannabis brands portfolio. Toronto's Tokyo Smoke, which closed a $6 million Series B round in October, has been backed by Aphria, Green Acre Capital, Globalive Capital and others.

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