Online cannabis commerce platform LeafLink has raised $10 million from venture capital firms to expand its reach into California, according to a Business Insider report. The company already operates in six states – including California, Arizona, Colorado, Nevada, Oregon and Washington.
Ryan Smith – the first cannabis entrepreneur to make the Forbes 30 under 30 list – told Business Insider that the company works with 400 brands and 1,700 retailers and has handled $186 million in transactions and $16 million in gross merchandise value since 2016.Smith predicts the company’s order volume will increase to $500 million as the market matures and more states legalize cannabis for both medicinal and recreational use. The company boasts 90 percent market penetration in Colorado and Washington – the nation’s most mature markets.
“This is a unique opportunity to define an industry that is scaling rapidly,” Smith said in the report.
In April, LeafLink raised $3 million in seed round funding and another $4.1 million in an August seed round. Lerer Hippeau, which counts former National Football League quarterback Joe Montana among its investors and has previously invested in Buzzfeed, has invested in all three rounds. The most recent round was led by London, England-based Nosara Capital, and included Snoop Dogg-connected Casa Verde.
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