LeafLink announced Wednesday that it raised $100 million to grow its wholesale cannabis platform that connects cannabis brands with dispensaries that want to buy their products.
LeafLink, which is headquartered in NYC, will use the Series D funding to enhance its platform. The funding round, which will be divided into two tranches, was co-led by CPMG, L2 Ventures and Nosara Capital.
LeafLink was founded in 2016 and now works with more than 3,700 brands and more than 8,400 retailers across 30 markets. The company’s marketplace processes about $5 billion in transactions annually, which is about half of the U.S. wholesale cannabis industry, according to LeafLink.
In addition to its wholesale marketplace, LeafLink also provides cannabis brands with analytics, marketing services and a customer relationship management platform.
The company also announced that, effective Wednesday, co-founder and CEO Ryan Smith has transitioned to executive chairman and that COO Artie Minson has been promoted to CEO. Co-founder and CTO Zach Silverman shifted to a senior advisor role, and Karan Gupta has taken over as CTO.
“Despite recent headwinds, the cannabis industry is poised for significant growth in the years ahead,” Smith said in a statement. “Since the company’s inception, our team has built solutions that solve some of the industry’s most critical problems. The Series D financing provides us with a strong balance sheet that will enable continued innovation alongside our customers.”
