LeafLink Revenue, Valuation, Funding & Investors

LeafLink is valued at $760M as of July 2021.

Last LeafLink valuation

$760M

Series C · Jul 2021

Last LeafLink funding round

$100M

Series D · Feb 2023

LeafLink revenue

$6M

Series C · Jul 2021

Key investors in LeafLink

  • Nosara Capital
  • Lerer Hippeau
  • L2 Ventures
  • Thrive Capital
  • TIA Ventures
  • Casa Verde Capital

LeafLink Overview

About LeafLink

LeafLink is a wholesale management platform connecting cannabis brands and retailers across the United States and Canada. New York-headquartered since its founding in 2015, it offers an online marketplace, CRM system, and order management tools to streamline procurement, communication, and inventory handling. Retailers use the centralized sales engine to manage supplier relationships and expand operations in 22 territories. LeafLink supports thousands of brands and retailers in optimizing cannabis distribution workflows.


Founded

2016

HQ

United StatesNew York City, NY

Status

Privately held

Customer focus

B2B

Revenue model

Subscription

Revenue

$6M (Jul 2021)

Valuation

$760M (Jul 2021)

LeafLink Valuation

LeafLink is currently valued at $760M, based on its Series C in July 2021.

The $40M round was led by L2 Ventures and Nosara Capital.

LeafLink valuation by funding round

LeafLink valuation by funding round
DateStageValuationRevenue Multiple
Jul 2021Series C$760M126.7x

LeafLink Revenue

LeafLink's latest recorded revenue is $6M, as of its Series C in July 2021.

LeafLink revenue by funding round

LeafLink revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Jul 2021$6M$760M126.7xSeries C

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

LeafLink Funding History

LeafLink has raised a total of $229M across 7 funding rounds.

LeafLink's first fundraising round was a $1M angel round in November 2015. The most recent completed round was a $100M Series D in February 2023.

LeafLink funding rounds

LeafLink funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Feb 2023Series DCPMG (lead); L2 Ventures (lead); Nosara Capital (lead); FJ Labs$100M-LeafLink is a B2B wholesale marketplace founded in 2016 that serves the regulated U.S. cannabis industry. The platform connects cannabis retailers with brands and distributors, facilitating ordering, payments, logistics, and operational tools across 34 states. As of late 2024, LeafLink and its acquired subsidiary Leaf Trade together facilitate approximately $9 billion in annual gross merchandise volume across the wholesale cannabis market, serving approximately 50% of U.S. wholesale cannabis industry operators. In February 2023, LeafLink raised its Series D funding round, which was initially set at $100 million but was upsized to $125 million. Lead investors included CPMG, L2 Ventures, and Nosara Capital. The company stated that this capital would be deployed to enhance platform functionality, expand technology offerings, and support evolving customer needs in the rapidly growing cannabis sector. At the time of the February 2023 Series D round, the company reported strong operational metrics: its marketplace generated gross merchandise value exceeding $5 billion in 2023, up 20% year-over-year from 2022. LeafLink connected approximately 8,400 marijuana retailers with 3,700 cannabis brands and distributors. The platform had expanded its product offerings to include payment tools (such as Payment on Sell-Through, an industry-first fintech solution for managing delinquent payments), subscription services like LeafLink Plus with inventory analytics, B2B advertising capabilities, and logistics software integration. Despite the detailed operational and GMV metrics available, LeafLink's post-money valuation at the Series D round and its audited revenue or EBITDA figures have not been publicly disclosed. One third-party source estimates revenue growth from approximately $800 million in 2023 to about $1.2 billion on an annualized basis, though this estimate lacks explicit sourcing from company disclosures and is insufficiently precise relative to the February 2023 round date.
Jul 2021Series CL2 Ventures (lead); Nosara Capital (lead)$40M$760MLeafLink is a wholesale management platform for the cannabis industry, connecting brands and retailers with tools for ordering, payments, data insights, and logistics. In July 2021, it raised $40 million in a Series C round led by L2 Ventures and Nosara Capital, with participation from Founders Fund, Thrive Capital, and others. This funding aimed to scale operations and enhance the platform amid rapid industry growth. One source reports a $760 million post-money valuation for this specific round. The round doubled LeafLink's prior valuation. LeafLink had previously raised in Series A ($10M, Nov 2017, led by Nosara Capital) and Series B ($35M, Aug 2019, led by Thrive Capital). By late 2020 or early 2021 context, LeafLink reported a gross merchandise value (GMV) run rate approaching $3 billion annually. Post-Series C, LeafLink continued expanding, raising a Series D convertible note of $100 million (upsized to $125 million) in February 2023 at a $500 million cap, down from an $800 million valuation referenced for 2021, indicating market challenges. In 2024, it acquired competitor Leaf Trade, combining to facilitate nearly $9 billion in annual wholesale GMV, while adding services like Payment on Sell-Through and LeafLink Plus. Total funding reached about $479-480 million by 2023.
Dec 2020Series CFounders Fund (lead); Lerer Hippeau; 9Yards Capital; Thrive Capital; L2 Ventures; Nosara Capital$40M-LeafLink is a wholesale e-commerce marketplace connecting cannabis brands with retail dispensaries, founded in 2015. The platform provides supply chain services including order management, customer relationship management, inventory tracking, and customized reporting, charging a minimum monthly subscription fee of $299. By December 2020, LeafLink claimed 32% of the U.S. wholesale cannabis market with 130 employees operating in 27 markets and over $3 billion in annualized gross merchandise value. In December 2020, LeafLink announced a $40 million Series C funding round led by Founders Fund, with participation from Thrive Capital, Nosara Capital, and other existing investors. The company stated the funding would support expansion of its platform functionality, new brands and retailers, and entry into markets opened by 2020 election changes to cannabis regulations. As of the Series B funding in August 2019, LeafLink had connected more than 1,200 licensed cannabis brands to over 3,500 cannabis retailers and facilitated more than $1 billion in annualized orders. The post-money valuation for the Series C round was not publicly disclosed by LeafLink or its investors.
Aug 2019Series BThrive Capital (lead); Lerer Hippeau; RIV Capital; Wisdom VC; TIA Ventures; L2 Ventures; Nosara Capital$35M-LeafLink is a wholesale e-commerce marketplace for the cannabis industry, connecting licensed cannabis brands to retailers across the U.S. and Canada. Launched in Colorado in 2016, it streamlines ordering, inventory tracking, CRM, and reporting, charging a $299 minimum monthly subscription fee as a vertical SaaS platform. By mid-2019, it facilitated over $1 billion in annualized orders, representing about 16% of U.S. wholesale cannabis commerce, with a network of over 1,200 brands and 3,500 retailers. In August 2019, LeafLink closed a $35 million Series B funding round led by Thrive Capital, with participation from investors including Lerer Hippeau, Nosara Capital, and others, bringing total capital raised to approximately $49 million for the U.S. entity plus a $2 million JV with Canopy Rivers. The funds were intended to accelerate expansion, enhance technology including LeafLink Financial for payments and credit in cannabis markets, and support hiring in New York and Los Angeles offices, where the company had over 65 employees at the time. Around the funding period in 2019, LeafLink reported strong traction with $1.007 billion in annualized orders in May, up from $100 million by August 2017 and $40 million at year-end 2016. A CEO interview from October 2019 noted goals of $1.8 billion GMV for the year, following $700 million in 2018, with monthly GMV at $123 million implying a $1.4 billion run rate, plus revenue streams from SaaS subscriptions, transaction fees (3-5% of GMV), and LeafLink Financial.
Nov 2017Series ANosara Capital (lead); Lerer Hippeau; Casa Verde Capital$10M-LeafLink operates a wholesale marketplace platform connecting licensed cannabis brands with retailers, streamlining B2B ordering, payments, delivery, and analytics in the cannabis industry. The Series A round on November 20, 2017, raised $10 million led by Nosara Capital, with participation from Lerer Hippeau and Casa Verde Capital. This followed a $3 million seed round in April 2017 led by Lerer Hippeau. The funding supported scaling operations, enhancing technology infrastructure, and expanding market reach for the platform. LeafLink has continued raising capital in subsequent rounds, including a $35 million Series B in 2019 led by Thrive Capital and a $40 million Series C in 2020-2021 led by Founders Fund, bringing total funding to over $400 million across multiple rounds.
Apr 2017SeedLerer Hippeau (lead); Phyto Partners; Casa Verde Capital; Wisdom VC; Fairhaven Capital Partners; Muse Capital$3M-LeafLink is a B2B vertical-SaaS cannabis marketplace platform founded in Colorado in 2016. The company connects licensed cannabis brands to retail dispensaries, facilitating orders and providing software services including order management, CRM, inventory tracking, and customized reporting. LeafLink charges a $299 minimum monthly subscription fee for software services. In early 2017, the company raised its first institutional funding round of $3 million led by Lerer Hippeau, with participation from Casa Verde Capital, Fairhaven Capital Partners, Muse Capital, Phyto Partners, and Wisdom VC. By August 2017, just months after the seed round, LeafLink had facilitated over $100 million in annualized orders through its platform, demonstrating rapid early traction in the emerging legal cannabis commerce sector.
Nov 2015AngelBrand New Matter; TIA Ventures$1M--

Who has invested in LeafLink?

16 investors have backed LeafLink across its funding rounds, including Nosara Capital, Lerer Hippeau, L2 Ventures, Thrive Capital, TIA Ventures and Casa Verde Capital.

Lead investors include CPMG, L2 Ventures, Nosara Capital, Founders Fund, Thrive Capital and 1 other investor.


LeafLink Investors

Investors in LeafLink by funding rounds participated
InvestorHQRoundsRoleFirst check
Nosara CapitalUnited KingdomLondon5LeadNov 2017
Lerer HippeauUnited StatesNew York City, NY4LeadApr 2017
L2 VenturesUnited StatesNew York City, NY4LeadAug 2019
Casa Verde CapitalUnited StatesLos Angeles, CA2ParticipantApr 2017
Wisdom VCUnited StatesSan Francisco, CA2ParticipantApr 2017
Thrive CapitalUnited StatesNew York City, NY2LeadAug 2019
TIA VenturesUnited StatesTurlock, CA2ParticipantNov 2015
Phyto PartnersUnited StatesBoca Raton, FL1ParticipantApr 2017
FJ LabsUnited StatesNew York City, NY1ParticipantFeb 2023
RIV CapitalCanadaToronto1ParticipantAug 2019
Brand New MatterUnited StatesStamford, CT1ParticipantNov 2015
Founders FundUnited StatesSan Francisco, CA1LeadDec 2020
9Yards CapitalUnited StatesUnited States1ParticipantDec 2020

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Acquisitions by LeafLink

LeafLink has acquired 2 companies to date.

Last acquisition by LeafLink was on November 26th 2024. LeafLink acquired Leaf Trade for undisclosed valuation.


Latest Acquisitions by LeafLink

Leaf Trade
Dama Financial (banking unit)
Description
Leaf Trade is a business-to-business software platform serving the licensed cannabis industry in the United States. It connects wholesale sellers with dispensaries and multi-state operators and provides ordering, payment, advertising and reporting tools. Its platform supports catalog and inventory visibility and helps customers manage recurring wholesale transactions in a regulated market. In March 2023 Leaf Trade announced a combination with Sweed, whose software addressed retail point of sale, e-commerce, loyalty and inventory operations. The businesses subsequently operated under High Tech Holdings. LeafLink acquired Leaf Trade in November 2024, while Sweed remained a separate business. The acquisition added Leaf Trade’s wholesale marketplace and customer relationships to LeafLink’s cannabis commerce offering. The platform is distinct from consumer-facing cannabis retailers and does not itself manufacture the products listed by its business customers.
Dama Financial Banking Division is the banking arm of Dama Financial delivering secure financial services to cash-intensive industries. Operating in California and Colorado, it offers business accounts, payment processing, and compliance tools tailored for regulated sectors including cannabis operations.
HQ CountryUnited StatesUnited States
HQ City
-
San Francisco, CA
Deal Date26 Nov 202424 Jul 2024
Valuationundisclosedundisclosed
EV/Revenue
EV/EBITDA

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LeafLink Competitors

LeafLink competitors include listed companies like Glass House Brands and Vireo Growth, and private ones like DeHaat, Jane Technologies, Bizongo and Jumbotail.

Public and private companies comparable to LeafLink
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Glass House BrandsUnited StatesUnited StatesPublicly listed$182M$6M$750M4.6x
DeHaatIndiaPatnaPrivate--$700M-
Vireo GrowthUnited StatesUnited StatesPublicly listed$269M$12M$616M1.6x
Jane TechnologiesUnited StatesSanta Cruz, CAPrivate--$592M-
BizongoIndiaMumbaiPrivate$18M-$980M-
JumbotailIndiaBangalorePrivate$88M-$1B11.4x

LeafLink Public Comps

LeafLink is still privately-owned, but its public comps include almeera, Glass House Brands, WeBuyCars, SFC Holdings, ASKUL, Apotea, CEWE Group, ASOS, AO World and Chancemate.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
almeera$799M$83M1.2x1.1x11.3x11.5x
Glass House Brands$182M$6M4.9x4.6x162.4x36.6x
WeBuyCars$1.6B$90M0.5x0.5x9.7x8.6x
SFC Holdings$252M$13M2.4x-45.7x-
ASKUL$2.6B($100M)0.3x0.3x(8.8x)263.4x
Apotea$735M$47M1.1x1.0x17.6x14.3x
CEWE Group$1B$160M0.8x0.9x5.3x5.3x
ASOS$3.3B($61M)0.4x0.5x(22.8x)6.6x

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Common questions about LeafLink

When was LeafLink founded?LeafLink was founded in 2016.
Where is LeafLink headquartered?LeafLink is headquartered in New York City, NY, United States.
Is LeafLink publicly listed?No, LeafLink is a private, VC-backed company.
What is LeafLink's valuation?LeafLink was last valued at $760M in its Series C in July 2021.
How much funding has LeafLink raised?LeafLink has raised $229M across 7 funding rounds.
What was LeafLink's last funding round?LeafLink's last funding round was a $100M Series D in February 2023, led by CPMG, L2 Ventures and Nosara Capital.
Who are LeafLink's investors?LeafLink's investors include Nosara Capital, Lerer Hippeau, L2 Ventures, Casa Verde Capital, Wisdom VC, Thrive Capital, TIA Ventures, Phyto Partners, FJ Labs, RIV Capital and 6 others.
What is LeafLink's revenue?LeafLink's latest recorded revenue is $6M (July 2021).
Which companies are comparable to LeafLink?Companies comparable to LeafLink include Glass House Brands, DeHaat, Vireo Growth, Jane Technologies, Bizongo and Jumbotail.
How many companies has LeafLink acquired?LeafLink has acquired 2 companies, including Leaf Trade and Dama Financial (banking unit).

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