Leaf Trade, a Chicago, IL-based cannabis wholesale marketplace and payments platform, closed a $5.5m Series A funding.
The round, which brought total funding raised to date to $10m, was led by Artemis Growth Partners with participation from Hyde Park Angels.
The company intends to use the funds, which include the conversion of an earlier round, to accelerate current growth in its core 17 markets, as well as to expand into West Coast markets while continuing to invest in technology.
Led by James Yi, Founder and Chief Executive Officer, and Michael Piermont, President and Chief Revenue Officer, Leaf Trade is a technology company whose platform facilitates ordering and fulfillment in cannabis and hemp markets. The company recently launched its integrated payments platform, Leaf Pay, which provides for order processing and payment for all transactions. Using the platform, vendors can streamline all order fulfillment processes, increase sales through custom storefronts, and generate powerful reports and analytics. Retailers can leverage Leaf Trade’s tools to discover trending products through its data-driven shopping process, easily request samples and marketing materials, and manage orders from start to finish.
The company is currently partnered with the majority of multi-state cannabis operators and itself operates in 17 states and counting.