October 14, 2021
Jane Lanch Lee
(Reuters) – Cannabis e-commerce platform Dutchie said Thursday that it raised $ 350 million in its latest funding round, valuing it at $ 3.75 billion.
This is Dutchie’s second major funding round this year. The Bend, Oregon-based company raised $ 200 million in March and was worth $ 1.7 billion.
“Dutchie works with more than 5,000 pharmacies in all statutory regions of North America, with annual pharmacy sales of over $ 14 billion,” Dutchie CEO and co-founder Ross Lipson told Reuters. He said the number of clinics has more than doubled in the past year.
Investment in the industry is increasing due to the surge in cannabis use during the COVID-19 pandemic and the expectation of more states legalizing cannabis.
Dutchie’s latest funding round was led by venture capital firm D1 Capital Partners, with participation from former investors such as Tiger Global, Dragoneer, DFJ Growth, Thrive Capital and Snoop Dog’s Casa Verde Capital, the company said.
The money will be used to double the research and development of its products, Lipson said. There is a license fee from pharmacies that sell to consumers using the Dutchie e-commerce platform. Lipson said the deal is still mostly cash, as the credit card network has not yet been opened to cannabis trading.
“We feel like we’re scratching the surface, both as an industry and as a company here in Dutchie. There are many runways in front of us,” Lipson said.
(Report by Jane Lanhee Lee; edited by Aurora Ellis)
Cannabis e-commerce platform Dutchie has raised $ 350 million and is worth $ 3.75 billion
Source link Cannabis e-commerce platform Dutchie has raised $ 350 million and is worth $ 3.75 billion