Cannabis platform LeafLink says it processed over $1 billion in transactions since 2016

(Reuters) – Wholesale cannabis platform LeafLink said on Wednesday its payments solutions processed over $1 billion in transactions since the company’s inception in March 2016.

LeafLink is cannabis industry’s business-to-business platform that helps pot distributors and retailers manage their operations, create, pay for and ship their orders.

More states in the U.S are moving towards allowing sale of recreational cannabis, underscoring continued support and demand for cannabis since the imposition of lockdowns during the COVID-19 pandemic.

“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,” said Ryan Smith, Chief Executive Officer and Co-Founder of LeafLink.

Backed by venture capital firms and investors including Founders Fund, Thrive Capital, Nosara Capital and Lerer Hippeau, LeafLink has raised more than $131 million of equity to date as well as a credit facility of $250 million.

(Reporting by Ankit Kumar in Bengaluru; Editing by Krishna Chandra Eluri)