Cannabis platform startup LeafLink hits new milestone, processed over $1 billion in transactions since 2016
Four years ago, CBDs and cannabis dominated the headlines as startups flocked to the space after some US states legalized the sale of recreational cannabis. Then about two years ago, investors pulled back from the space and set their sights on cryptocurrency and NFTs.
However, that does not mean the CBD space is dead. Cannabis startups continue to thrive. One of those startups is LeafLink, a New York City-based tech startup and the world’s largest online wholesale cannabis platform that provides cannabis businesses with the software and tools they need to manage their businesses more effectively and accelerate growth.
Today, LeafLink announced it has processed over $1 billion in transactions since the company’s inception in 2016. This significant milestone for LeafLink’s wholesale cannabis payment solutions reflects the company’s commitment to bolstering liquidity and cash flow in the industry.
Founded in 2016 by co-founder and CEO Ryan G. Smith, LeafLink is the cannabis industry’s wholesale B2B platform that helps cannabis distributors and retailers manage their operations, and create, pay for, and ship their orders. LeafLink connects over 8,700 retailers with more than 3,500 brands and distributors for streamlined cannabis commerce, the startup says on its website.
“LeafLink looks to the future of cannabis and constantly strives to elevate the ways retailers and brands transact with each other,” said Ryan G. Smith, CEO and Co-Founder of LeafLink. “As cannabis rapidly evolves, it is essential that our platform keeps up with the changing needs of our customers as we provide critical liquidity to the industry. We are incredibly proud to reach the $1 billion milestone in payments transactions and look forward to further expanding the LeafLink community in the coming years.”
The Growpacker team is careful to select only the best of the best in terms of systems to support our expanding needs,” said Joshua Adriance, Vice President of Growpacker. “LeafLink has proven itself to be a leading player in helping businesses like Growpacker meet our manufacturing and distribution goals. Their payments solutions are a game changer in that they allow us to outlay and collect capital at faster rates with lower risk tolerances, which is undoubtedly necessary in this growing industry.”
“With an easy-to-navigate platform and full flexibility and outlook into pricing, confirmations, and AR availability, LeafLink has been nothing but a positive asset to Ladybug,” said Jake Brookes, COO of Ladybug Farms. “Not only has LeafLink’s financial offerings enabled us to schedule out our cashflow with ease, but we have also truly enjoyed working with the LeafLink team. They are communicative, dedicated, and offer incredible support and guidance to help us reach our goals.”
Since its inception six years ago, LeafLink has raised more than $131 million of equity to date as well as a credit facility of $250 million. The startup is backed by investors and venture capital firms including Thrive Capital, Founders Fund, Nosara Capital, and Lerer Hippeau.