The investment comes from a first-time marijuana investor
LeafLink is prepared to launch a wholesale cannabis marketplace for all companies who wish to take part and has just secured a serious amount of funding to make it possible. Thrive Capital, an investment firm launched by Joshua Kushner, has led a $35-million Series B round, marking the first time the company has taken a chance on a company in the cannabis industry. It is also “the largest tech B round in the cannabis industry,” according to LeafLink.
LeafLink supplies its platform to dispensaries so that they can order from multiple brands. The company also provides vendor services, such as customer relationship and order management, inventory tracking and reporting. It charges $299 per month as a subscription fee and is going to use the latest investment funds to continue its expansion program and to improve its technology. It also expects to increase its workforce, which already consists of over 65 employees in both New York and Los Angeles.
The company has already received funding from several other companies, including Nosara Capital, Wisdom VC, L2 Ventures, Thought Into Action Ventures and more. It has raised a total of $51 million since its launch three years ago, including the most recent investments. The company now has coverage of over 1,200 licensed cannabis brands and supplies its services to more than 3,500 cannabis retailers. It also reports that it has over $1 billion in annualized orders.
A particular branch of the company will also benefit from the recent investment. LeafLink Financial is a payment and credit management service for cannabis companies. The platform is already live in four states and, given the federal banking restrictions on the cannabis industry, is prepared to see considerable expansion throughout the rest of 2019.