A new online cannabis wholesale platform scheduled to launch in the first quarter of next year announced that it has closed a $750,000 round of funding.
LeafLink, which is based in New York, raised the cash via a group of angel investors in the state, according to Techcrunch. The new platform aims to streamline the wholesale transaction process and save money for both growers and sellers.
The company is the third startup founded by Ryan Smith, 24, who started his first two businesses while still an undergrad at Colgate University, according to Crain’s New York Business.
Smith told Crain’s that New York investors are increasingly comfortable exploring cannabis-related companies, especially if those companies don’t actually handle product or violate federal law. Most of LeafLink’s investors are in real estate, he said.
The site will provide lines of communication for cultivators and buyers, inventory and order tracking, and ways to check out new products and chase down new leads.
The online wholesale realm is a burgeoning ancillary industry in and of itself. Colorado-based Tradiv, another online wholesale site, announced last month that it raised $1 million in seed funding, while Cannabase has been offering a wholesale platform for roughly two years.