An improved collection canister and method of its use for a closed loop fat harvesting system is disclosed. The collection canister comprising of a main body with inner cavity, handles on each sides, a detachable lid that includes at least two liposuction lure ports, a vacuum port to provide suction within the main body and an additional port for adding additive via a syringe as needed to treat the fat cells such as growth factors. Furthermore, the collection canister has an open/close valve for draining and withdrawing fat cells into syringes.