LeafLink, a wholesale management platform for the cannabis industry based in New York, has closed a $3M seed round, led by Lerer Hippeau Ventures.
This makes LeafLink the first cannabis-related investment for Lerer Hippeau Ventures. Other investors included; Casa Verde Capital, Phyto Partners, and Wisdom VC. To date, LeafLink has raised more than $4 million in capital, including a previous angel round of $1 million that closed in December 2015.
LeafLink a software platform is designed to support those in a B2B supply chain, providing essential tools to save money for retailers and that allows producers to receive better pricing for their product.
With LeafLink, dispensary owners can legally place their orders on one platform, with a compliant shopping experience in mind. Vendors can manage their incoming orders using the platform’s business tools, including a fulfillment queue, CRM, data reporting, and order status tracking.
Since launching in Colorado in March 2016 and Washington in October 2016, LeafLink has had over 800 dispensaries sign up to use their services. To date, there have been orders placed and have already placed orders for over 100 cannabis product brands, including Incredibles, Cannapunch, Dixie Elixirs, and Apothecanna. The company is doing $65 Million in orders through the platform on an annual basis.
With this seed round of funding, the company has announced plans to expand into additional states where legal recreational and medical cannabis programs are available, such as California, Nevada, and Oregon as early as the Spring of this year. Smith said, “LeafLink’s entry into these markets is an enormous opportunity to build a tech-first industry that will serve as a model for other states, and for other industries outside cannabis.”