LeafLink Closes $35 Million in Series B Funding
Investment Will Fuel Expansion of LeafLinkâ€™s Industry Standard Wholesale Cannabis Marketplace
NEW YORK, NY â€“August XX, 2019 LeafLink, the cannabis industryâ€™s wholesale marketplace, today 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.
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 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. 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 LeafLinkâ€™s answer to industry-wide challenges caused by the lack of financial services in the cannabis space.