Cannabis platform LeafLink secures $100 mln in funding, makes leadership changes
Feb 1 (Reuters) - Wholesale cannabis platform LeafLink said on Wednesday it has raised $100 million in the latest financing round and added co-founder Ryan Smith will hand over the chief executive role to company president Artie Minson and serve as executive chairman.
With the $100 million in funding led by CPMG, L2 Ventures and Nosara Capital, alongside other existing investors, LeafLink has secured $231 million in financing after six rounds.
"The Series D investment enables LeafLink to support its customers' evolving technology and operational needs through enhanced platform functionality," the company said.
The company is a business-to-business platform that aids pot distributors and retailers in managing their operations, including shipping and accepting payment for orders.
Some form of marijuana usage has been legalized in about 40 U.S. states but it remains illegal under federal law despite calls for reclassification from several politicians, including President Joe Biden.
LeafLink's marketplace currently processes approximately $5 billion in annual transactions, representing an estimated 50% of legal U.S. wholesale cannabis commerce. (Reporting by Sourasis Bose in Bengaluru; Editing by Krishna Chandra Eluri)