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Cannabis Tech Company Raise $10 Million From Venture Capital Firms

Written by Corre Addam

Cannabis is slowly turning from scary prohibited drug to big business in North America and Europe, with LeafLink looking to dominate a very viable and rapidly growing market…

Having raised a staggering $10 million to further their hold on the online cannabis dispensary market, LeafLink seem to be single-handedly changing perceptions on cannabis around the world. The move comes ahead of legislation that will make recreational cannabis use in California legal.

The revenue raised will go towards expanding new markets in the states, whereby right now LeafLink are in only 6. Their hope is to have ten states buttoned down by the end of 2018.

Ten years ago no one would have believed that a company like LeafLink could handle $186 million of cannabis transactions in under two years, across more than 400 brands, and 1,700 retail outlets. LeafLink and their new investors reckon that the company’s order volume will bulge to $500 million by 2018.

For the time being, the company is understandably proud that it has roughly 90 percent penetration of the markets in Colorado and Washington, and is now firmly focused on the California market, with sales set to commence there in January 2018.

One of the main reasons why venture capital firms are splashing the cash for cannabis tech companies like LeafLink is because, technically speaking, they are a “non-plant touching” company, which circumvent scary federal laws by never actually coming into direct contact with the end product.

That fact bodes well for the likes of LeafLink, as well as a whole host of other cannabis tech companies, who want to have their share of the market, as cannabis moves from prohibited to big business.

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About the author

Corre Addam

Addam spends the lion's share of his day fixated on his computer screen. When he isn't in front of his computer, you'll most likely find him editing or researching his next fascinating article on his smartphone or tablet. When he manages to pull himself away from technology, you'll find him chilling hard somewhere, probably under a tree with an ice-cold Iced-tea, pondering life...