Cannabis B2B technology company LeafLink has raised $100 million in Series D financing, the company announced today. The fundraising round, which will be funded in two tranches, was led by CPMG, L2 Ventures, and Nosara Capital, along with participation from existing investors.
Ryan G. Smith, who Wednesday was elevated to the company’s executive chairman of the board of directors, said the financing provides LeafLink “with a strong balance sheet that will enable continued innovation alongside … customers.”
“Despite recent headwinds, the cannabis industry is poised for significant growth in the years ahead. Since the company’s inception, our team has built solutions that solve some of the industry’s most critical problems. I’m proud to have served as CEO since LeafLink’s founding and am excited to transition into the role of Executive Chairman where I’ll remain deeply committed to LeafLink and the industry as a whole. I look forward to supporting and empowering the team in their roles.” — Smith in a statement
Additionally, LeafLink appointed President & Chief Operating Officer Artie Minson to a new role as president and CEO, hired Karan Gupta as chief technology officer, and transitioned Chief Technology Officer Zach Silverman into a senior advisor role.
LeafLink said the company serves about half of the U.S. wholesale cannabis industry across 30 markets. The firm said it has raised more than $230 million of equity to date as well as a $250 million credit facility to provide liquidity to the cannabis supply chain.
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