Fundraising

8 Cannabis Startups With High Growth Potential

Angelina Graumann
1) LeafLink 2) Dutchie 3) Pax Labs, Inc 4) Green Thumb Industries 5) FlowHub 6) Tokyo Smoke 7) Jushi Holdings 8) Cannabist Company Connect With Cannabis Investors Today
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The cannabis industry is experiencing explosive growth following legalization across various regions. Startups are redefining how cannabis businesses operate by introducing innovative solutions to streamline supply chains, improve retail management, and enhance consumer products. Companies like LeafLink have revolutionized B2B cannabis commerce, while firms like Dutchie, Pax Labs, and others bring advanced e-commerce and retail management platforms to the fore. With robust investor backing and increasing acceptance, these startups are spearheading a new era of cannabis entrepreneurship, creating opportunities for founders, cultivators, and investors alike​​​​.

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Related resource: 12+ Cannabis Venture Capital Investors to Know in 2024

1) LeafLink

LeafLink is a pioneering startup in the cannabis industry, providing a wholesale marketplace that connects retailers with over 1,800 cannabis brands and distributors. This platform facilitates streamlined business operations, making it easier for companies to manage orders and grow their businesses efficiently​​​​.

Headquarters Location: LeafLink is based in New York City, with additional regional hubs in Los Angeles and Austin. As a remote-first company, it also boasts a broad presence across the United States, ensuring accessibility and connectivity in various cannabis markets​​.

Current Funding: LeafLink has raised substantial funding to fuel its growth, including a $40 million Series C round led by Founders Fund, reflecting significant investor confidence. Overall, the company has secured a total of $479M in funding over 9 rounds. Their latest funding was raised on Feb 1, 2023 from a Series D round.

Years in Operation: LeafLink was founded in 2015, during which it has significantly impacted the cannabis supply chain and B2B commerce​​.

Founders: Ryan G. Smith serves as the CEO, and Zach Silverman is the Co-Founder and Senior Advisor of LeafLink. They founded the company with the vision of simplifying the cannabis supply chain, leveraging their backgrounds in technology and e-commerce to pioneer new standards in the industry​​.

2) Dutchie

Dutchie is a prominent player in the cannabis industry, providing an integrated technology platform that powers online ordering for cannabis dispensaries. It helps dispensaries create and manage their websites, process orders, and ensure efficient operations through its suite of e-commerce and point of sale solutions​​​​.

Headquarters Location: Dutchie is headquartered in Bend, Oregon, which is also where it was founded. This location supports its operations across the United States and Canada​​​​.

Current Funding: Dutchie has raised significant funding, totaling $603 million. This includes a substantial $350 million in a Series D round that valued the company at $3.75 billion, highlighting the strong investor confidence in its business model and growth potential​​​​.

Years in Operation: Founded in 201, Dutchie has quickly become a leader in its field, experiencing rapid growth and expansion​​​​.

Founders: Founded by brothers Ross Lipson and Zach Lipson. Both no longer run the company.

3) Pax Labs, Inc

Pax, originally known as Ploom, is a leader in the vaporization industry, specializing in the development and manufacturing of premium vaporizers for cannabis and nicotine. These devices are known for their sleek design and smart technology, allowing connectivity with mobile devices for enhanced user experience.

Headquarters Location: Pax Labs is based in San Francisco, California.

Current Funding: The company has raised significant funds, notably securing $492.2 million in funding over 4 rounds, reflecting a strong investor confidence in its technology and market approach​​.

Years in Operation: Pax Labs was founded in 2007 and has been operational for over a decade, evolving its product line and expanding its market reach during this time.

Founders: The company was founded by James Monsees and Adam Bowen, who aimed to innovate and improve the personal vaporization market. Neither is still with the company.

4) Green Thumb Industries

Green Thumb Industries (GTI) operates as a national cannabis consumer packaged goods company and retailer. The company is known for manufacturing and distributing a diverse portfolio of branded cannabis products such as &Shine, Beboe, Dogwalkers, Doctor Solomon’s, Good Green, incredibles, and RYTHM. Additionally, GTI owns and operates a rapidly growing chain of national retail cannabis stores named RISE​​​​.

Headquarters Location: Green Thumb Industries is headquartered in Chicago, Illinois​​​​.

Current Funding: Green Thumb Industries has raised a total of $79.2M in funding over 4 rounds. Their latest funding was raised on Apr 30, 2021 from a Post-IPO Equity round.

Years in Operation: Green Thumb Industries was founded in 2014 and has since grown into a significant player in the cannabis industry in the United States​​​​.

Founders: The company was founded by Ben Kovler who serves as the CEO, Chairman, and key visionary behind the company's growth and strategic direction​​.

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5) FlowHub

Flowhub is a Denver-based cannabis technology company that specializes in compliance, inventory management, and point-of-sale (POS) software solutions designed specifically for the cannabis industry. Their platform aims to streamline dispensary operations, making regulatory compliance easier and improving the overall efficiency of cannabis retail management​​​​.

Headquarters Location: Flowhub is headquartered in Denver, Colorado​​.

Current Funding: Flowhub has raised significant funding over the years totalling $45.8M over 4 rounds.

Years in Operation: Founded in 2015, Flowhub has been operational for several years, focusing on providing technological solutions to cannabis dispensaries to help them navigate the complex regulatory environment​​.

Founders: Kyle Sherman is the founder of Flowhub. He started the company with the vision to create a more efficient and compliant cannabis retail environment through innovative technology​​.

6) Tokyo Smoke

Tokyo Smoke is a lifestyle brand and cannabis retailer focused on creating an immersive experience centered around cannabis, coffee, and clothing. Their vision aims to shape a sophisticated and inclusive brand that transcends typical cannabis culture.

Headquarters: Located in Toronto, Canada.

Founding Year: Established in 2015.

Founders: Founder and Chairman Lorne Gertner and Co-founder and CEO Alan Gertner.

Funding: Raised $7.7 million over 2 rounds, the last closing in October, 2017 in a series B round.

Ownership: Acquired by OEG Retail Cannabis in 2023, which expanded the brand's reach and capabilities​​.

7) Jushi Holdings

Jushi Holdings Inc. is a multi-state cannabis operator involved in the retail, cultivation, manufacturing, and processing of cannabis products in both medical and adult-use markets. The company is dedicated to building a diverse portfolio through strategic acquisitions and investments in the cannabis sector.

Headquarters Location: Boca Raton, Florida, USA.

Current Funding: Jushi has raised a total of $490.5M in funding over 12 rounds. Their latest funding was raised on Apr 6, 2023 from a Post-IPO Debt round.

Years in Operation: Founded in 2007.

Founders: Erich Mauff, Jim Cacioppo, and Jon Barack.

8) Cannabist Company

The Cannabist Company, previously known as Columbia Care,stands out as a leading cultivator, manufacturer, and retailer of cannabis products and services in the United States. As one of the initial medical cannabis providers in the country, it established a patient-focused operation that has successfully transitioned into a dominant player in the adult-use market. Their product portfolio includes various forms such as flower, oils, edibles, and tablets. Notably, they are the producers behind popular brands like Classix, Seed & Strain, and Hedy.

Headquarters Location: The company is based in Chelmsford, Massachusetts.

Current Funding: They have raised a total of $530.6M in funding over 9 rounds. Their latest funding was raised in Marxh, 2024 from a Post-IPO Debt round.

Years in Operation: The Cannabist Company has been operational since 2012.

Founders: The company was co-founded by Nicholas Vita and Michael Abbott.

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In the rapidly evolving cannabis industry, startups are leveraging technology to streamline operations and expand their reach. Companies like the ones we covered, among others, are pioneering new standards in retail management, supply chain efficiency, and customer experience. As these innovative companies continue to grow, investment opportunities in the cannabis sector have become increasingly attractive to venture capitalists.

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