LeafLink, the nation’s main hashish wholesale platform, introduced the acquisition of the property of Dama Monetary’s banking division, one of many business’s largest hashish banking platforms available on the market. This acquisition lays the groundwork for a future built-in banking resolution, signifying a monumental step in direction of eliminating probably the most persistent hurdles going through hashish operators: the dearth of entry to safe, dependable, and compliant monetary providers.
The LeafLink platform at the moment affords a collection of providers for hashish manufacturers and retailers, together with built-in instruments like order and class administration, funds, information and analytics and promoting. Because of sturdy efficiency, natural progress alternatives, and targeted mission to be the B2B working system for the regulated hashish business, LeafLink lately upsized its Sequence D fundraising spherical from $100 million to $125 million. Buyers within the Sequence D financing embody CPMG, Nosara, L2 Ventures, Thrive Capital, and Tiger World.
“Leaflink gives prospects with built-in tech options that make it simpler to run their companies, and during the last yr, we’ve launched a number of merchandise that may considerably enhance our prospects’ working efficiency and profitability,” stated Artie Minson, CEO of LeafLink. “After witnessing firsthand the adverse influence the federal prohibition has had on operators’ entry to conventional banks, we’re thrilled so as to add banking to LeafLink’s product suite. Only a few firms and folks have the experience that Dama Monetary affords to the hashish banking area. By becoming a member of forces and incorporating Dama’s banking product into our current strong suite of providers, we will probably be well-positioned to usher in a brand new period of effectivity and assist tackle a number of the greatest challenges hashish operators face.”
“The hashish business is in want of built-in options at scale and this deal is a superb instance of the advantages it should carry to our business,” stated Patrick O’Boyle CEO of GrowFlow (previously Dama Monetary). “LeafLink is in a powerful place to take our established banking resolution and construct on it even additional, providing the business a unified monetary providers expertise. The product strains not included on this acquisition will rebrand to GrowFlow, remaining targeted on enhancing and rising our retail and wholesale product strains to service the hashish business.”
The continued federal prohibition has restricted hashish operators’ entry to conventional banks, leaving many companies in a troublesome place with very important providers typically withdrawn with out discover, minimal function availability, cumbersome processes, or costly working prices riddled with hidden charges. Credit score unions and small state-chartered banks servicing the rest of the business have comparable limitations for hashish operators.
With over $3 billion in processed transactions, Dama Monetary is among the largest cannabis-focused banking options within the business and serves greater than half of the cannabis-legal states in the US. It has earned its popularity as a frontrunner within the area by working intently with main U.S. sponsor banks to develop bespoke monetary options for cash-intensive industries, significantly hashish. With the experience of banking and funds business veterans, Dama Monetary has been on the forefront of offering entry to FDIC-insured banking companions that embody every thing from checking accounts and fee processing, to money pickup providers and on-site good safes, all whereas making certain transparency and compliance with present banking and hashish rules.
