Oct 14 (Reuters) – Cannabis e-commerce platform Dutchie on Thursday stated it raised $350 million in its newest funding spherical that valued the corporate at $3.75 billion.
The huge funding spherical is Dutchie’s second this 12 months. The Bend, Oregon-based firm raised $200 million in March when it was valued at $1.7 billion.
“Dutchie works with over 5000 dispensaries across all legal geographies in North America and processes over $14 billion in annualized sales for our dispensaries,” Ross Lipson, CEO and co-founder of Dutchie informed Reuters. He stated the variety of dispensaries greater than doubled up to now 12 months.
The surge in hashish use throughout the COVID-19 pandemic and expectation of extra states legalizing hashish has elevated investments within the trade. learn extra
Dutchie’s newest funding spherical was led by enterprise capital agency D1 Capital Partners and former buyers, together with Tiger Global, Dragoneer, DFJ Growth, Thrive Capital, and Snoop Dog’s Casa Verde Capital participated, the corporate stated.
Lipson stated the funding will probably be used to double down on analysis and improvement for its merchandise. It takes a license charge from dispensaries that use the Dutchie e-commerce platform to promote to customers. Lipson stated the transactions had been nonetheless principally in money as bank card networks have nonetheless not opened up for hashish transactions.
“We feel like we’re just scratching the surface as an industry and also as a company here at Dutchie and there’s a lot of runway ahead of us,” stated Lipson.