FinTech: Cannabis Wholesale Platform Leaflink Clocks Over $1B In Payments Transactions
LeafLink connects 8,700+ retailers with 3,500+ brands and distributors for streamlined cannabis commerce.
Leaflink, a wholesale platform for the cannabis industry that offers payment solutions, announced Wednesday that it had processed over $1 billion in transactions since the company’s inception to date across 1700 active operators and 22 markets. (CISION PR Newswire)
More and more states in the US are favoring the sale of recreational cannabis, which received a boost in demand during the lockdowns forced by the pandemic. This trend is likely to be a significant tailwind for Leaflink which acts as a B2B facilitating platform for pot players of all kinds including distributors and retailers.
According to Reuters, the company has raised over $131 million of equity and a credit facility of $250 million. Investors include Founders Fund, Thrive Capital, Nosara Capital and Lerer Hippeau.
Leaflink Payments offerings include Flexible and Direct Payments to increase the speed and security of wholesale transactions. LeafLink’s marketplace processed approximately $5 billion in annual orders in 2021, making up an estimated 42% of U.S. wholesale cannabis commerce.
“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. “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.”
Earlier this month, Leaflink announced a new pricing model by way of a bundled package of offerings from its full platform of logistics solutions, payment tools, and other services that could save cannabis businesses about 20% per month or more in operational costs.
Related Story: Cannabis Cash Spells Opportunity for Fintechs
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