The wholesale cannabis platform gets a boost as it works on expansion plans
Artemis Growth Partners was in charge of leading a Series A preferred investment round that was recently completed for Leaf Trade. The cannabis wholesale marketplace and payment platform is looking to continue expanding and the new funds will help. This investment was closed with a total of $5.5 million.
It is anticipated that, with the investment, the FinTech company may now be able to further develop its digital wholesale platform, as well as expand its operations on the West Coast, something it has been trying to do for some time now. Hyde Park Angels also had a large stake, bringing Leaf Trade’s total funding to $10 million since inception.
Michael Piermont, president, and chief revenue officer of Leaf Trade, said, “Since Leaf Trade was launched in 2016, our B2B company has experienced phenomenal growth,” “Cannabis cultivators and retailers need a way to overcome the outdated inefficiencies of today’s cannabis supply chain, and Leaf Trade has proven to be the ideal technical solution many are seeking.”
According to Piermont, some of the largest MSOs in the market, such as Curaleaf Holdings, Green Thumb Industries Inc, Verano Holdings Corp, Jushi Holdings Inc, and others, have found Leaf Trade to be a great pillar in the rationalization of their operations. In addition to all this, Leaf Trade has also had its own innovation, having launched Leaf Pay, a platform that provides an end-to-end payment and ordering process without any disruption.
This idea definitely comes to compete with traditional payments, such as bank transactions or credit cards, while being easier to track and manage, as opposed to cash and even check invoices.