- Companies
- LeafLink
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
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
Website
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
| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Jul 2021 | Series C | $760M | 126.7x |
LeafLink Revenue
LeafLink's latest recorded revenue is $6M, as of its Series C in July 2021.
LeafLink revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Jul 2021 | $6M | $760M | 126.7x | Series 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
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Feb 2023 | Series D | CPMG (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 2021 | Series C | L2 Ventures (lead); Nosara Capital (lead) | $40M | $760M | LeafLink 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 2020 | Series C | Founders 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 2019 | Series B | Thrive 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 2017 | Series A | Nosara 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 2017 | Seed | Lerer 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 2015 | Angel | Brand 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
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 5 | Lead | Nov 2017 | ||
| 4 | Lead | Apr 2017 | ||
| 4 | Lead | Aug 2019 | ||
| 2 | Participant | Apr 2017 | ||
| 2 | Participant | Apr 2017 | ||
| 2 | Lead | Aug 2019 | ||
| 2 | Participant | Nov 2015 | ||
| 1 | Participant | Apr 2017 | ||
| 1 | Participant | Feb 2023 | ||
| 1 | Participant | Aug 2019 | ||
| 1 | Participant | Nov 2015 | ||
| 1 | Lead | Dec 2020 | ||
| 1 | Participant | Dec 2020 | ||
This data is available for Pro users. Sign up to see all 16 LeafLink investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions 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
| 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 Country | ||
| HQ City | - | San Francisco, CA |
| Deal Date | 26 Nov 2024 | 24 Jul 2024 |
| Valuation | undisclosed | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all LeafLink acquisitions and their M&A valuation multiples. Start Free Trial | ||
LeafLink Competitors
LeafLink competitors include listed companies like Glass House Brands and Vireo Growth, and private ones like DeHaat, Jane Technologies, Bizongo and Jumbotail.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $182M | $6M | $750M | 4.6x | ||
| Private | - | - | $700M | - | ||
| Publicly listed | $269M | $12M | $616M | 1.6x | ||
| Private | - | - | $592M | - | ||
| Private | $18M | - | $980M | - | ||
| Private | $88M | - | $1B | 11.4x |
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 FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $799M | $83M | 1.2x | 1.1x | 11.3x | 11.5x | |||
| $182M | $6M | 4.9x | 4.6x | 162.4x | 36.6x | |||
| $1.6B | $90M | 0.5x | 0.5x | 9.7x | 8.6x | |||
| $252M | $13M | 2.4x | - | 45.7x | - | |||
| $2.6B | ($100M) | 0.3x | 0.3x | (8.8x) | 263.4x | |||
| $735M | $47M | 1.1x | 1.0x | 17.6x | 14.3x | |||
| $1B | $160M | 0.8x | 0.9x | 5.3x | 5.3x | |||
| $3.3B | ($61M) | 0.4x | 0.5x | (22.8x) | 6.6x | |||
This data is available for Pro users. Sign up to see all LeafLink competitors and their valuation data. Start Free Trial | ||||||||
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). |
See companies similar to LeafLink
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.




