- LeafLink just finished a Series B funding round, led by Thrive Capital.
- The funding will help with recruitment and faster progress on the company’s roadmap.
LeafLink is an online cannabis wholesale marketplace, and they’ve just completed a Series B funding round, led by Thrive Capital. Raking in $35 million, the current investors include Nosara Capital, Lerer Hippeau, Wisdom VC, L2 Ventures, and Thought into Action Ventures. LeafLink provides services to retailers and dispensary owners, allowing them to purchase their products from one place, rather than shopping each individual company. Presently, LeafLink accounts for over $1 billion in annual orders, which is 16% of all wholesale cannabis orders.
The additional funding will make it possible for LeafLink to speed up the progress on their roadmap, and it is presently working to recruit new members for their New York and Los Angeles offices. LeafLink will be scaling their LeafLink Financial sector, which offers payment and credit management solutions to retail companies in the cannabis industry that have already been licensed.
On the recent funding round, co-founder and CEO of LeafLink Ryan G. Smith said,
“This funding speaks not only to the incredible growth of our company and the value we provide to our client base but also to the professionalization of the cannabis industry at large.”
While the company welcomed Lerer Hippeau two years ago, this funding round make it possible to bring Thrive Capital into the cannabis industry as well.
Jared Weinstein of Thrive Capital commented,
“As some form of cannabis use is now legal in 33 states, it is essential to build professional tools that provide the same operational support, financing, compliance, and ease of use found in other industries.”