Online cannabis wholesale marketplace, LeafLink announced the completion of a $35M Series B round of funding. The round was led by Thrive Capital. Current investors Nosara Capital, Lerer Hippeau, Wisdom VC, and Thought Into Action Ventures also participated in the round alongside L2 Ventures.
LeafLink has changed the way cannabis retailers work with product manufacturers. It used to be that dispensary owners would have to contact as many as 50 different companies to make orders and track shipments. Now they can do it online with an e-commerce marketplace. The company was launched in 2016 and since then has processed more than $1 billion in annualized orders through its marketplace. This means approximately 16% of all the wholesale cannabis orders are happening on LeafLink.
Proceeds To Be Used For Expansion
With the additional funding, LeafLink said it will accelerate its expansion roadmap while enhancing its marketplace technology. The company has begun a massive recruiting effort for new members across all teams and in both their New York and Los Angeles offices.
In addition to expanding the company’s core product and its footprint, LeafLink will be focused on scaling LeafLink Financial, which provides licensed retailers and brands with a safe, compliant, payment and credit management solution. The service is currently live in four US states and is LeafLink’s answer to industry-wide challenges caused by the lack of financial services in the cannabis space.
Published: August 07, 2019
Founder & Interim Editor of L.A. Cannabis News