US tech platform Dutchie has raised $200 million on its mission to expand safe and easy access to cannabis worldwide.
The cannabis technology platform powering dispensaries and providing safe and easy access to cannabis has announced the completion of its largest funding raise to date, at a $1.7 billion valuation.
The company’s latest funding round is led by Tiger Global, with participation from new investors Dragoneer and DFJ Growth, and from existing investors including Casa Verde Capital, Thrive Capital, Gron Ventures, and former Starbucks Chairman and CEO Howard Schultz.
Dutchie is also announcing its acquisitions of Greenbits and LeafLogix, two enterprise resource planning (ERP) and point-of-sale (POS) software solutions serving the cannabis industry, to provide more value to dispensaries and consumers.
“Dutchie’s mission is to provide safe and easy access to cannabis while helping power the positive societal change that cannabis is bringing to the world,” said Ross Lipson, CEO and co-founder at Dutchie.
“We believe we have a responsibility to help contribute to the next evolution of the industry, help all sides of the market grow, and create opportunities and outcomes that benefit all of our partners and consumers.”
Since November 2020, six new states have passed legalisation measures for cannabis and a record-high percentage of Americans now support the new laws.
The cannabis industry is one of the fastest-growing in the world and provides a variety of societal benefits, including improving positive health outcomes, providing underrepresented or marginalised groups access to greater economic opportunity, and increasing tax revenue, particularly amid shrinking public budgets due to the COVID-19 pandemic.
Dutchie’s platform creates a comprehensive, streamlined technology ecosystem to help realise these benefits by helping cannabis dispensaries grow and meet consumer demand.
To help deliver on its mission, Dutchie is announcing today that Tim Barash, former CFO and Chief Business Officer at Toast, will serve as the company’s new Executive Chairman.
“Dutchie is powering a new generation of entrepreneurs driving one of the most disruptive consumer trends of the last century,” said Tim Barash, Dutchie’s executive chairman.
“This is a once in a lifetime opportunity to join a team focused on accelerating an industry that has a wide range of positive societal impacts, from better health and wellness outcomes to reversing a stigma that hampers criminal justice reform to supporting communities by enhancing state and local tax revenues.”
Dutchie’s user-centric platform makes it easier for consumers to buy cannabis online, while also streamlining retailers’ business operations.
In an industry that has long faced issues with fragmentation, Dutchie’s solutions simplify day-to-day operations, so SMBs and enterprises can focus on connecting with customers, driving marketing and sales efforts, and growing their business.
“We work with companies that have the potential to reshape major parts of the global economy,” said John Curtius, partner at Tiger Global.
“Our investment will help Dutchie extend its platform and deepen relationships with merchants, consumers, and brands to drive better outcomes for all in this ecosystem. We look forward to supporting this world-class team as they hit a new phase of growth.”
Dutchie’s funds will go toward continuing to add and attract top talent, assist with expansion into new markets, and launch major product developments to support cannabis dispensaries while meeting evolving consumer demand and expectations.
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