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Sept 21 (Reuters) – Cannabis wholesale platform LeafLink said on Wednesday that its payments solutions have processed more than $1 billion in transactions since the company launched in March 2016.
LeafLink is the cannabis industry’s business-to-business platform, helping cannabis distributors and retailers manage their operations, create, pay and ship their orders.
More states in the U.S. are moving toward allowing the sale of recreational marijuana, underscoring the continued support and demand for marijuana since lockdowns were imposed during the COVID-19 pandemic.
“As cannabis grows rapidly, our platform must keep up with the changing needs of our customers as we provide critical liquidity to the industry,” said LeafLink CEO and co-founder Ryan Smith.
Backed by venture capital firms and investors including Founders Fund, Thrive Capital, Nosara Capital and Lerer Hippeau, LeafLink has raised more than $131 million in equity and a $250 million line of credit to date.
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Reporting by Ankit Kumar in Bengaluru; Editing by Krishna Chandra Eluri
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