Cannabis wholesaling platform LeafLink announced new funding worth $40 million from a Series C investment round.
The $40 million funding round was led by Founders Fund, with participation from Thrive Capital, Nosara Capital and Lerer Hippeau.
“The $40 million will be used to expand in current markets by bringing on new brands and retailers, as well as capitalizing on new markets that legalized cannabis following the 2020 election,” New York-based LeafLink said in a news release issued Thursday.
“LeafLink will also continue to expand its offerings around payments, delivery, and data and analytics.”
The company said its digital wholesale marketplace, which operates in the United States and Canada, manages more than $3 billion worth of marijuana orders annually and comprises an estimated 32% of U.S. wholesale cannabis transactions.
Founders Fund partner Napoleon Ta said it was the San Francisco-based venture capital firm’s biggest cannabis investment to date.
LeafLink has now raised more than $90 million in venture capital, including $35 million raised from Thrive Capital in 2019.
The company announced in July it had raised $250 million through a senior secured credit facility to fund its marijuana business financing arm, LeafLink Financial.