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Sept 21 (Reuters) – Wholesale cannabis platform Leaflink said on Wednesday its payment solutions had processed $1 billion in transactions since the company’s inception in March 2016.
LeafLink is the cannabis industry’s business-to-business platform that helps pot distributors and retailers manage their operations, create, pay and ship their orders.
More U.S. states are moving toward allowing the sale of recreational marijuana, underscoring continued support and demand for marijuana since lockdowns were imposed during the COVID-19 pandemic.
“As cannabis continues to evolve rapidly, it’s imperative that our platform keeps pace with the changing needs of our customers as we provide critical liquidity to the industry,” said Ryan Smith, CEO and co-founder of Leaflink.
Backed by venture capital firms and investors including Founders Fund, Thrive Capital, Nosara Capital and Lerra Hippo, Leaflink has so far raised $131 million in equity and $250 million in credit facilities.
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Reporting by Ankit Kumar in Bengaluru; Edited by Krishna Chandra Iluri
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