LeafLink pivots to cannabis SaaS and finance, hits $1B orders after $35M Series B

LeafLink launched in 2016 as a wholesale marketplace for cannabis brands and retailers, but quickly saw that legal cannabis businesses were cut off from traditional banking, forcing them to rely on cash transactions that created inefficiency and risk. Recognizing this infrastructure gap, the company’s founders decided to expand beyond pure marketplace software to build a payment and credit management solution.

By offering a SaaS platform with order management, CRM, and invoicing, LeafLink connected over 1,200 brands to 3,500 retailers, facilitating more than $1 billion in annualized orders. The $35 million Series B led by Thrive Capital funded product expansion, hiring in New York and Los Angeles, and scaling of its LeafLink Financial unit, which now operates in four US states.

Facilitated over $1B in annualized orders, grew to 1,200+ cannabis brands and 3,500+ retailers, and raised a $35M Series B to scale its SaaS and financial services.

Founders identified the lack of banking access as a critical pain point for cannabis operators.

Shifting focus to a combined marketplace and payments SaaS created a differentiated, sticky product.

Scaling the financial services unit opened new revenue streams and attracted significant venture capital.

In regulated industries, solving core infrastructure pain points like payments can unlock rapid SaaS growth and attract major investment.

After the Series B, LeafLink grew to over 65 employees, expanded its financial service to four states, and continued to increase transaction volume, positioning itself as a key infrastructure provider in the cannabis industry.