Cannabis industry wholesale marketplace LeafLink has completed a $35m Series B round of funding, taking its total raises to date above $51m.
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.
The company already processes more than $1 Billion in annualized orders through its e-commerce marketplace, making up an estimated 16% of wholesale cannabis orders in the United States.
Retailers use LeafLink to order inventory from multiple brands in one cart, view up-to-date brand menus, review orders, request samples, and discover new products. LeafLink further serves vendors with tools such as order management, customer relationship management (CRM), inventory tracking, and customized reporting.
With the additional funding, LeafLink says it will accelerate its expansion roadmap while enhancing its marketplace technology.
“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.”
The company has begun a recruiting effort for new members across all teams and in both their New York and Los Angeles offices.
Notably, the company is 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.
Since 2016, LeafLink has expanded its network to connect more than 1,200 licensed cannabis brands to over 3,500 cannabis retailers across 22 territories in the U.S. and Canada. In most markets, four out of five cannabis retailers order inventory through LeafLink.
“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,” says Jared Weinstein of Thrive Capital. “LeafLink is setting a new standard for the cannabis industry to expand responsibly and we are excited to support their development.”
New York City-founded LeafLink first launched its marketplace in Colorado in March 2016, and is now live in 19 territories across the United States.
In early 2019, LeafLink announced a joint venture with Canopy Rivers, the venture arm of Canopy Growth, LeafLink International, expanding LeafLink’s technology to global cannabis markets, starting with Canada.
It has offices in Los Angeles, New York, and Toronto, in addition to satellite offices in the states where it operates.Cannabis Business Worldwide