LeafLink raises $40M from Creators Fund, others to cultivate its marijuana wholesale market

LeafLink is today announcing it raised a$40 million Series C financing round, led by Founders Fund with participation from Thrive Capital, Nosara Capital and Lerer Hippeau. This round of financing brings the overall amount raised by the company to more than$90 million.

Given that its founding in 2015 LeafLink has actually become a substantial player in legal marijuana. With a 130 workers and running in 27 markets, the business says it has 32% of the U.S. wholesale marijuana market, resulting in an annualized gross merchandise worth of over $3 billion. LeafLink sees the Series C in assisting grow the business through new procedures and services.

“This fundraising round is monumental for an innovation business like LeafLink as we continue to define a space that reveals no indications of slowing down,” Ryan G. Smith, co-founder and CEO of LeafLink, said in a launched statement. “We’re honored to partner with Creators Fund as we scale our marketplace technology across the growing cannabis industry. Our eyes are set on bringing effectiveness and innovation to the supply chain, and we’re excited for marijuana to function as a model for more tradition industries in the future.”

Right now, LeafLink functions as a crucial service for the cannabis market by connecting sellers with suppliers and offering supply chain liquidity through its e-commerce market. With the extra $40 million, the company anticipates to broaden its offering with brand-new brand names and sellers and broaden into the new markets opened by the 2020 election.

“The U.S. appears to be on a course to complete federal legalization over the next couple of years,” stated Founders Fund partner Napoleon Ta. “Our company believe we’ll begin to see some huge success stories in the marijuana space as regulations change which LeafLink will be among the winners.”

In a statement to TechCrunch, Ta states LeafLink is a tech-enabled wholesale market connecting thousands of wholesalers and retail purchasers. He sees the financial investment as a great opportunity to work with a company he and Founders Fund see has the potential to bring an entire market onto one platform.

“We invested in LeafLink since the group is combining finest practices from e-commerce markets with B2B innovation to enhance an entire market’s supply chain and operations,” said Ta. “We’re excited to make our largest financial investment in the cannabis area to date in LeafLink.”

Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.